Search
 

Fund Debuts With $33M Purchase of Metrowest

NAPERVILLE, IL-The 10-story, 205,000-sf office building along the East-West Tollway is sold by CBRE Investors to Windsor Realty Fund IV. Metropolitan Life Insurance Co. got $23.5 million for the property at 55 Shuman Dr. in 2002.

By Mark Ruda | Updated on January 23, 2006

NAPERVILLE, IL-Windsor Realty Fund IV has entered the Chicago market, paying $33 million for the 205,000-sf, 9.5-acre Metrowest property at 55 Shuman Dr. The fund’s Boston-based GID Investment Advisers Inc. bought the office building from CBRE Investors.

Built in 1986, the 10-story building is 100% occupied, according to Black’s Guide. Located along the East-West Tollway, the building includes a fitness center, conference center and deli. “The attractive location and institutional quality of the improvements and rent roll should provide a competitive advantage for the asset as local and national economic conditions continue to improve,” says GID director of investments Nigel T. Keenan. Total vacancy in the East-West Corridor, including sublease space, stands at 24.3%, according to US Equities Realty’s most recent market report.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.