Pat Ryan and William Kerrins, both with Paine/Wetzel•Oncor International, represented Office Depot in the lease transaction, along with Medwin and Harry Wardell, with Lincoln. John Gledhill, first vice president with CB Richard Ellis, represented James Campbell Co. LLC, the landlord of the property based in Hawaii.
Best Buy had been a tenant in the property, but relocated to another town south of Carol Stream, Gledhill says. The renovations to the expanded area are expected to be complete within the next 30 days, Medwin says. Office Depot signed an additional lease for the expansion and extended its original lease. The terms of the lease were not disclosed; however, Gledhill tells GlobeSt.com that the asking rate for the building is $4.40 per sf net and "standard leases of this size are often five to seven years in length."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 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.