Direct 1031 Exchange Buys Chicagoland Office Building
- Jun 15, 2018
National real estate investment sponsor Direct 1031 Exchange has acquired a 23,500-square-foot office building located at 2675 Pratum Ave. in Hoffman Estates, Ill. The transaction was a sale-leaseback in which the previous owner, WT Group—a design and engineering services company—will continue to fully lease the property for the next 20 years. Accredited investors will make the asset available for investment via a Delaware statutory trust, Direct 1031 Exchange Hoffman Estates.
The property is part of Poplar Creek, a 780-acre entertainment, dining and shopping district located at the intersection of Interstate 90 and Illinois Route 59. Nearby are the Arthur L. Janura Forest Preserve and Spring Lake Forest Preserve, as well as Sears Centre Arena and the Prairie Stone Crossing shopping center. Several hotels, including an upgraded Country Inn & Suites, which opened its doors at the beginning of the year, are available for business travelers.
“(WT Group) just completed renovating and expanding the building to fit its growing needs,” said Matt Bear, founder & CEO of the sponsor firm.
Chad Arthur, principal and managing broker of Arthur Brokerage Group, represented WT Group in the deal.
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