SUGAR GROVE, IL-A 2.67-acre parcel on Capital Drive at Galena Boulevard has been sold for a four-building office complex to be developed on the site. The buyer of the Capitol Professional Center development site is Thornbrook Construction, based in Yorkville, IL, says Kevin Geary, with Morken and Associates.
The land was originally sold from Winding Road LLC, based in LaFox, IL, to King Development, based here, says Matt Smetana, with Edgemark Commercial Real Estate Services LLC. Smetana represented Winding Road LLC and King Development was represented by Geary. The asking price for the sale to King Development was $1.3 million. The property was subsequently sold with Thornbrook being the current owner, though the new price is not being released, Geary says.
Four office buildings will be constructed on the site, which is located adjacent to Jewel Osco. The office center condominiums are geared to doctors, lawyers and accountants. Each of the buildings will be 6,000 sf, Geary says.
Morken and Associates is marketing the office condominium units. The buildings are divisible to 1,500 sf. The cost for the condominiums is $154 per sf if the entire building is bought or $160 per sf for smaller spaces, Geary says. Construction on the project is expected to begin this month with the first two buildings delivered by the end of October. The buildings will be delivered without lighting or heating systems, Geary says. Currently, one and a half of the buildings are under contract for a medical use, Geary says.
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