October 29, 2019
American Landmark Properties aims to unload a trio of office properties in Chicago’s western suburbs for around $40 million, Crain’s Chicago Business reported.
The Skokie-based investment firm acquired the Oak Brook Place complex in Oak Brook, 2 TransAm Plaza Dr. in Oakbrook Terrace and 750 Warrenville Rd. in Lisle between 2014 and 2016, paying approximately $38 million.
HFF, now part of JLL, was hired to market the 391,522-square-foot trio, collectively known as the East/West Corridor Office Portfolio, according to a market flyer. The three-asset, four-building portfolio is collectively 80.8% leased, with a roster that includes credit-rated tenants Old Republic, Humana, Hyundai and Trinity Health.
The portfolio’s largest tenant accounts for just 6.7% of the net rentable area, according to the flyer. No industry accounts for more than 26.7% of the space.
Since 2015, American Landmark has reportedly spent $3.4 million on capital improvements.
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