The seller was represented by Transwestern’s Gary Nussbaum, managing director; Michelle Monhaut, director; and Paige Gunn, investment analyst. Boxer Properties reportedly acquired the property, which is located at 155 N. Pfingsten.
“Despite the high vacancy rates within the submarket, the property has a solid record of maintaining 90 percent or greater occupancy,” Nussbaum said. “Additionally, tenants at 155 N. Pfingsten have a history of long-term occupancy. The three largest tenants make up 73 percent of the property and have been at 155 N. Pfingsten for an average of 13 years.”
Brad Nichol, director of acquisitions at Boxer, led the transaction for the purchaser, which is said to might have interest in raising rents by upgrading the building’s systems and adding on-side amenities.
“We were attracted to the quality of the asset and its Lake County location, which provide for key tax advantages that we plan to pass along to our tenants,” Nichol said. “We have already begun planning on a new tenant center and conference facility. Construction should start early next year.”
The property is located just north of Lake Cook Road, within a mile of Interstate 94/294 and a short walk to the Metra Station. The property is 90 percent leased by 12 tenants and is anchored by NCH Marketing Services, which occupies 48,174 square feet.