Transwestern represented 6021 Associates LLC in the disposition of a 55,204-square-foot building at 850 N. Milwaukee Ave. in Vernon Hills, Illinois, approximately 40 miles northwest of Chicago. Centrum Partners LLC acquired the Lake County property for an undisclosed price. Transwestern Principal John Joyce, CCIM, and Associate Chris Rickett represented the seller in the transaction.
“Lake County continues to be an attractive investment market for developers,” said Joyce. “The region has one of the largest office inventories, as well as one of the lowest vacancies in the Suburban Chicago region, at slightly more than 19 percent. Any quality product available on the market is a perfect opportunity for an investor. The pharmaceutical and technology industries are two of the top driving forces behind growth in the North Suburban Chicago office market.”
The building, constructed in 1994, is located at Townline Road and Milwaukee Avenue on the outer Ring Road of Westfield-Hawthorn Mall and situated on 2.85 acres. Institutional real estate developer Centrum Partners plans to enhance the existing building with interior and façade improvements. The firm plans a new two-story glass, stone and metal paneling façade and reconfiguration of the interior to install elevators and a grand stair case.
