Podolsky Circle recently closed the sale of 1755 Park Street in Naperville, Illinois. The Podolsky Circle Middle Market Investment Advisory Team made up of Alissa Adler, John Homsher and Paul Tesdal, represented the seller, CP Highlands Fund, LP.
CP Highlands was represented by its principals, Randy D. Podolsky and Adam Tarantur, CCIM. The property sold for $3.55 million to a private investor.
1755 Park Street is a 37,668-square-foot three-story multi-tenant office building. CP Highlands Fund purchased the property in 2013 and began a capital improvement plan to update the property’s automation systems, common areas, building signage as well as tenant spaces and the addition of electric vehicle charging stations.
Podolsky Circle Construction, led by Michael Lebar, implemented the improvements. Podolsky Circle leasing executed the lease-up plan bringing the property to 94.4 percent occupancy before the sale.
Tony Russo of Cawley Chicago represented the buyer of 1755 Park Street. The property is currently leased to a mix of local and regional tenants including a therapy practice, an executive suites operation, an IT consulting firm and a major regional bank office.