(Read more on the TIC market.)
EVANSTON, IL-Triple Net Properties LLS, based in Santa Ana, CA, has acquired the Church Street Office Center at 1007 Church St. The acquisition was made on behalf of tenant-in-common investors. Triple Net purchased the property from Chicago-based Church Street Office Center, which will be retained to manage the building, says Dan Prosky, managing director for healthcare properties.
The sales price was not disclosed; however, similar buildings have sold for about $16 million. The buyer was represented by Jeff Frankel, with NorthMarq Capital.
The eight-story building has a total of 153,000 sf. The building was completed in 1984 and is currently 93% leased, Prosky says. However, Triple Net just approved a new lease that would bring the occupancy rate to 98%, he says. Since a lease has not been signed yet, Prosky declined to give information regarding the new tenant or lease.
Current tenants in the building include Solucient, Fluent Inc. and Northwestern University. The asking lease rate is between $15 per sf and $16 per sf net, Prosky says. The building also has a parking garage with 307 spaces and 45 additional parking spaces in an adjacent lot.
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.
