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Two Flex/Office Complexes Trade for $16M

CHICAGO-A locally based national investor acquires the 133,240-sf Northwest Business Center and the 153,915-sf West Meadows Business Park.

By Marita Thomas | Updated on October 11, 2006

CHICAGO-An unidentified locally based national investor has acquired the Northwest Business Center at 2100 Golf Rd. and West Meadows Business Park at 1600 Hicks Rd. and Winnetka Circle for an aggregate of $15.9 million. Both are flex/office properties in the Rolling Meadows suburb.

Bill Tourtellotte and Shawn Lubic of Newtown Square, PA-based GMH Capital Partners represented the sellers that Tourtellotte says are separate Texas-based companies with some related principals. “We could have marketed the properties separately, but found a single buyer for both,” he says.

ITW Mortgage Investments III sold Northwest Business Center, which consists of two single-story buildings with an aggregate of 133,240 sf. It sold for nearly $9.3 million, or $69.42 per sf. The complex, located on 10.4 acres, was constructed in 1985, and is approximately 77% leased. Tourtellotte tells GlobeSt.com the current rent rates cover a broad range from about $7 per sf to $11 per sf, “depending on the fit-out and characteristics of each suite. I can’t speak for the new owner’s anticipated rates,” he adds.

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