Office and Retail Portfolio Sells for $42M

CHAMPAIGN, IL-Romanek Properties Ltd., based in Chicago, has sold a 12-building portfolio on Neil St. for $42 million. Gary Nussbaum, Thomas Gorman and Matthew Mitchell, all with Chicago-based Transwestern, represented Romanek in the transaction. The portfolio has a total of 241,198 sf of office and retail space. The buyer is identified only as a California-based family trust.

The portfolio is a master-planned project developed adjacent to the University of Illinois by Fox Development Corp., based here, and constructed between 1989 and 2001, says Nussbaum, managing director for Transwestern. The Shoppes of Knollwood is an upscale retail center and the rest of the portfolio consists of office space. The park has “a lot of high-credit national tenants,” Nussbaum says.