TCC Buys 69,000-SF Office Building for $13M

OAK BROOK, IL-An investment fund sponsored by Trammell Crow Co., based in Houston has purchased the vacant three-story office building at 814 Commerce Dr. Wrightwood Capital, based in Chicago, provided $20 million to acquire and reposition the office building. The building has more than 169,000 sf and was sold for $80 per sf, Wrightwood regional director Cheri Grossman tells GlobeSt.com, making the sales price at least $13.5 million. The seller of the property is Chicago-based GlenStar Properties LLC, Grossman says.

The building was constructed in 1972 with several renovations in the 1990′s. A two-level parking garage was included in the sale, Grossman says. The property also has surface parking. Trammell Crow plans to renovate the lobby, upgrade the common areas and will renovate the building from a single-tenant facility to a multi-tenant facility, Grossman says. The cost of the renovations will be “a couple of million dollars” and will turn the property into a “B+ asset,” she says. Renovation work has already started.