JV Snags IL Office Park for $129M
- Jan 15, 2018
A joint venture between GFH Financial Group B.S.C., Lincoln Property Co. and Crestlight Capital has acquired Central Park of Lisle I and II, a Class A office property in Chicago’s suburb of Lisle, Ill. According to Yardi Matrix, the property traded for $129 million, funded by a $93.9 million loan held by Citibank. The previous owner was Equity Office Properties Trust.
Central Park of Lisle I and II are located at 4225 Naperville Road and 3333 Warrenville Road, respectively. Constructed in 1991, Central Park of Lisle I offers 281,526 square feet across six floors. Built in 2001, Central Park of Lisle II comprises 311,912 square feet across eight floors. Combined, the two buildings are 86 percent leased, with tenants including Armour-Eckrich Meats LLC, Millward Brown, Kone, CA Technologies and EMC Corp. The transaction also included the 7.5-acre development parcel to the east of the buildings. Tenants have access to amenities such as:
- on-site athletic club
- child care
- conference facility
- common area Wi-Fi
- executive parking and 3,051 spaces
The properties are a 10-minute drive from the Naperville Metra and Lisle Metra commuter stations, 25 miles from O’Hare International Airport and 30 miles from Chicago Midway International Airport. The site is also close to amenities such as Freedom Commons, Danada Square East and West, downtown Naperville and downtown Lisle.
HFF’s investment advisory team of Directors Bryan Rosenberg and Patrick Shields, as well as Senior Managing Directors Jaime Fink, Jeff Bramson and Mark Katz, represented the seller. HFF’s debt placement team of Senior Managing Director Eric Tupler and Senior Director Trent Niederberger procured the buyer by securing financing through CitiGroup. Most recently, Equity Office also partnered with HFF to dispose of its One Parkway North office building in Deerfield, Ill., which sold for $47 million.
Image courtesy of HFF