Stan Johnson Arranges Sale of Chicago-Area Flex Building
- Aug 10, 2018
Stan Johnson Co. has completed the sale of a 111,667-square-foot flex building located in Arlington Heights, Ill. The buyer, Crystal Acquisitions, paid $11.4 million for the asset, which was previously owned by a joint venture between Biynah Partners and Alex Brown Realty. Stan Johnson’s Directors John Zimmerman and Craig Tomlinson, represented the seller in the transaction.
The property is located at 545 E. Algonquin Road in a desirable infill area off Interstate 94. It is 85 percent leased to Intertek, which added special interior upgrades following the transaction. The rest of the space represents the headquarters of Gigenet, a data center operator. Other tenants in the area include Grainger Industrial Supply, Allied Building Products and Advance Mechanical Systems. Chicago O’Hare International Airport is approximately 10 miles away.
According to Yardi Matrix, the property is subject to an $8.5 million loan originated by Benefit Street Partners. The last time the asset changed hands was 10 years ago, when Alex Brown—also the owner of The Eden Landing Business Park in Hayward, Calif.,—bought it from ACG Equities for almost $7 million.
Image courtesy of Yardi Matrix