A single-tenant LabCorp industrial property located at 150 Spring Lake Drive in Itasca, Ill. has sold for $6.25 million to an undisclosed Midwest investment company.
The 40,150-square-foot LabCorp building is positioned on a 3.37-acre parcel within the Spring Lake Business Park. The Spring Lake Business Park also features the corporate headquarters of Knowles Corporation which is a publicly traded company with a market capitalization of $1.5 billion.
There are over eight years remaining on the LabCorp lease which expires in December 2024. The lease features a 5 percent rental escalation in the primary term and rental escalation in each renewal option period.
The building underwent a $7.2 million renovation which included a new roof, new HVAC units, new parking lot and new buildout designed to meet the needs of LabCorp. The building also features two loading docks.
The property is located along Interstate 290/355, with Chicago O’Hare International Airport approximately ten miles east of the property.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a Midwest based development firm.
Jason Caplan of the SVN | Chicago Commercial Industrial Team represented the buyer, a local Midwest investment company, in the 1031 exchange.