August 16, 2018
Chicago – Transwestern today announces it brokered the sale of a four-property, 522,000-square-foot office and flex portfolio in DuPage County. The properties were acquired by Clear Height Properties for $30 million. Managing Director Gary Nussbaum, Director Michelle Monhaut and Associate Paige Gunn of Transwestern’s Chicago Capital Markets Group provided disposition services on behalf of the seller, Denholtz Associates.
“In line with national trends, we’ve seen a significant increase in investor appetite for well located, single- story flex assets over the last year in both DuPage County and Cook County,” said Gunn.
Nussbaum added, “Investor competition for the portfolio was very strong. Extremely well located but underperforming properties such as those in this portfolio present very rare opportunities for investors looking to reposition assets and obtain attractive returns.”
The portfolio included the following properties:
- Butterfield Office Plaza, a 201,800-square-foot building at 2625 Butterfield Road in Oak Brook, one the most highly sought-after suburban Chicago office markets . Situated on Butterfield Road adjacent to 22nd Street, the main thoroughfare in Oak Brook, the property offers quick access to interchanges on Interstates 88 and 355. The property’s spectacular atrium and ability to attract both small and mid-sized tenants make it unique in the market.
- A 140,796-square-foot business park at 747 N. Church Road in Elmhurst. Consisting of six single-story flex/office properties and one warehouse, this property is located close to an interchange with Route 83, the main north-south access connecting the suburbs in Eastern DuPage County..
- A 95,905-square-foot flex project at 1050 – 1098 and 1100 – 1138 N. Tower Lane in Bensenville. The property is also located close to an interchange with Route 83.
- An 84,330-square-foot business park at 625 – 701 Executive Drive in Willowbrook. The property consists of two flex properties and one single-story office property and is located close to the Route 83/I-55 Interchange.
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