November 10, 2020
Stan Johnson Company (SJC) completed the sale of a Class A, 50,000-square-foot life science healthcare office building in the western Chicago suburb of Itasca, IL. The property at 870 N. Arlington Heights Rd., fully leased by a publicly traded NASDAQ company, traded for $20.6 million.
SJC’s John Zimmerman and Craig Tomlinson represented the seller, a regional developer. The winning bidder was a private group focused on single-tenant acquisitions.
“This pre-leased, build-to-suit project was already under construction when COVID-19 hit. Many institutional and private investors simply put a freeze on office acquisitions as the work from home trend became the new normal,” said Zimmerman. “Despite these headwinds, we were able to effectively market the property, generate an array of offers that were within or above our initial pricing guidance, and identify our top buyers quickly.”
The tenant, a healthcare pioneer, operates under a new 15-year net lease with annual rent increases.
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