Transwestern Brokers Sale and Tapped for Leasing and Management by New Ownership
March 04, 2020
CHICAGO – Transwestern Commercial Services (TCS) today announces it brokered the sale of the Willow Lake Tech Center at 400 – 444 State Parkway in Schaumburg, Illinois. The 105,007-square-foot property was purchased for $7.1 million by Los Angeles-based Dos Lagos Asset LLC. Transwestern Managing Director Gary Nussbaum and Associate Director Paige Gunn provided disposition services on behalf of the seller, Ascendance Partners.
“Willow Lake offered investors the opportunity to buy a well-occupied flex asset,” said Gunn. “With its proximity to Interstate 90 and rare 20-foot warehouse clear heights, this property has 17-year average tenant tenure years, high in-place cash flow and potential rent upside.”
Built in 1997, the Willow Lake Tech Center offers both warehouse and office space. The property is currently 96% leased by multiple tenants.
Gunn and Nussbaum worked with Ryan Morris, Vice President of Capital Markets at Cohen Financial, a division of SunTrust Bank, to facilitate the financing with LoanCore Capital LLC.
“This property’s strong historical occupancy, long-term tenant base, and multiple tenant expansions represented stable cash flow going forward over the 10-year loan term,” said Morris.
In addition to brokering the sale of the two-story flex property, Transwestern was awarded both the leasing and management assignments for the multitenant building. Executive Vice Presidents Joe Karmin and Justin Lerner and Senior Associate Ross Lehrman will lease the property on behalf of the owner. Senior Vice President Zach Kitkowski and Senior Property Manger Gia Dato will provide property management services.
ABOUT TRANSWESTERN COMMERCIAL SERVICES
Transwestern Commercial Services (TCS) is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service and innovative client solutions. Applying a consultative approach to Agency Leasing, Asset Services, Occupier Solutions, Capital Markets and Research, our fully integrated global organization adds value for investors, owners and occupiers of all commercial property types. We leverage market insight and operational expertise from across the Transwestern enterprise, which includes firms specializing in development and real estate investment management. TCS has 34 U.S. offices and assists clients from more than 200 offices in 37 countries through strategic alliances with France-based BNP Paribas Real Estate and Canada-based Devencore. Experience Extraordinary at transwestern.com and @Transwestern.