Transwestern’s Chicago has brokered the sale of the Oak Creek Center office portfolio in Lombard on behalf of KBS Realty Advisors. The 427,161-square-foot, 11 building office portfolio was purchased by a joint venture between Investcorp and Golub for $39.5 million.
“Investors are beginning to recognize the value in stable, suburban Chicago, Class B office investments,” said Gary Nussbaum, managing director of Transwestern. “This type of property can generate healthy levered returns in the current low interest rate environment. The sale of Oak Creek Center to a New York-based advisor of Middle Eastern capital marks the third time in 2012 that a significant suburban Chicago office property traded to foreign investor interests. We expect this trend to continue.”
The institutional quality portfolio features nine single-story and two multi-story buildings in a business park setting, located in suburban Chicago’s East-West Corridor. The portfolio was 87.5 percent leased at the time of sale.
KBS Realty Advisors was exclusively represented by Transwestern’s managing directors Gary Nussbaum and Thomas Gorman, and senior associate David Matheis. The buyer represented itself in the transaction.
