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Prentiss Sells in Evanston, Buys in Waukegan

CHICAGO-The Dallas-based REIT gets $18.2 million for the 135,679-sf office building at Sherman Ave. in Evanston, while buying the 198,000-sf Lakeside Point I & II in Waukegan's Amhurst Business Park for $32.6 million.

By Mark Ruda | Updated on November 29, 2004

CHICAGO-Prentiss Properties Trust is redeploying its suburban office assets further up the lakefront. The Dallas-based REIT has sold its 135,679-sf 1800 Sherman Ave. property building in Evanston for $18.2 million, after buying a two-building, 198,000-sf office complex in Waukegan’s Amhurst Business Park for $32.6 million.

While it is paying $164 per sf for Lakeside Point I & II in Waukegan, the three-story buildings at 1615 and 1675 Lakeside Dr. are 100% leased to the largest employer in Lake County, Abbott Laboratories. The company, bought the property in a joint venture with ABP, notes the initial cash yield is 9.2%.

Meanwhile, Prentiss Properties Trust booked a $3.5-million gain on 1800 Sherman Ave., which it bought six years ago. The building was most recently 59% leased, with ZS Associates being its largest tenant at 43,000 sf. The REIT already sold off an adjacent lot to Optima Horizons, which has plans to build a $76-million condominium tower.

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