Chicago-Area Facility Changes Hands for $21M

The 50,000-square-foot building in Itasca, Ill., comprises both office and life science space.
870 N. Arlington Heights Road. Image courtesy of Stan Johnson Co.

Syndicated Equities has acquired a 50,000-square-foot life science and medical office building in Itasca, Ill., from developer Janko Group, according to Yardi Matrix data.

The fully leased asset changed hands for $20.6 million. Yardi Matrix also shows the buyer financed the purchase with a $13 million loan from Old Second National Bank. Stan Johnson Co. negotiated on behalf of the seller.

Situated on 6.1 acres at 870 N. Arlington Heights Road, the single-story building came online this August. The developer broke ground on the project in September 2019, financing the construction with a $13.6 million loan from Morton Community Bank. Designed by Wright Heerema Architects, the facility comprises a mix of traditional office space, compounding and specialty pharmacy spaces, walk-in freezers/coolers and clean rooms. The tenant occupies the space under a new 15-year net lease with annual rent increases.

The property is some 27 miles northwest of downtown Chicago just south of Illinois Route 390, with direct access to Interstate 290. O’Hare International Airport is roughly 10 miles east.

Stan Johnson Co.’s John Zimmerman and Craig Tomlinson assisted the seller in the deal.