Bridge Sells 163 KSF Suburban Class A Chicago Office
By Barbra Murray, Contributing Editor
Three years after completing the joint venture development of the 162,700-square-foot office building at 577 Aptakisic Rd. in Lincolnshire, Ill., Bridge Development Partners L.L.C. has sold the Class A suburban Chicago asset to Cole Real Estate Investments in a transaction valued at approximately $50 million.
Also known as Sysmex Corporate Center, the LEED Gold-certified property is fully occupied by Globe Corp., a Japanese medical device manufacturer that maintains its North and South American headquarters in the four-story building under a 15-year, triple-net lease agreement signed in 2011.
Bridge and joint venture partner Globe Corp. completed 577 Aptakisic as a spec development in late 2009, a time when the national real estate market had gone south. However, it was a plan that had merit given that, at the time, nary a new state-of-the-art, LEED-certified office facility existed in the Southern Lake County submarket, which is home to the largest hub of Fortune 500 headquarters in suburban Chicago.
Commercial real estate and capital markets services provider HFF represented Bridge in the disposition of 577 Aptakisic. At a sales price of roughly $307 per square-foot, the property commanded a relatively high amount. Recent comparable transactions in suburban Chicago include Wells REIT’s acquisition of the 172,100-square-foot Four Parkway North for $40.9 million, or approximately $237 per square-foot. Bigger price tags may very well be on the horizon. In a second quarter report, commercial real estate services firm representatives said, “We expect additional liquidity and improving market conditions to spur more competition in the investment sales market in the period ahead.”