Real Capital Solutions Buys Chicago-Area Corporate Center
- May 11, 2018
Real Capital Solutions has purchased Naperville Corporate Center, a four-building business park in Naperville, Ill., in a $38.7 million deal. HFF represented the seller, a joint venture between TriGate Capital and Pearlmark, and procured the buyer.
Director Patrick Shields, one of the brokers involved in the transaction, said in a prepared statement that the asset provides “a balanced tenant roster, excellent visibility and access to a host of walkable amenities.” Director Bryan Rosenberg and Senior Managing Directors Jaime Fink and Jeff Bramson worked together with Shields in closing the sale.
Strong tenant roster
The corporate center was completed between 1982 and 1991 according to Yardi Matrix data. It encompasses a total of 420,540 square feet and spans 22.2 acres along 1230-1250 E. Diehl Road, just south of Interstate 88. The three-, four-, and five-story buildings are 83.6 percent leased to a number of companies including KeHe, Trizetto Group, Berkley Insurance as well as Apex and Infogix Inc.
According to Yardi Matrix data, TriGate Capital made a profit of approximately $15 million following the sale. The company bought the asset in 2010 from Transwestern for $23.3 million.
The office and retail markets in Naperville have been thriving, as the city has been ranked as one of the best places to live in America, according to Money Magazine. Within the past year, the area has welcomed a flow of investors that are trying to reposition office assets, such as the 350,000-square-foot former OfficeMax headquarters, to attract more Millennials to the suburbs.
Image courtesy of Yardi Matrix