Howard Wiese and Frank Roti, both with Marcus and Millichap, represented the seller and the buyer. "It was an ideal situation to sell to a user," Ader tells GlobeSt.com.
The five-story office building, which was constructed in 1973, was only 60% occupied at the time of the sale, Ader says. The buying entity was formed by Emergency 24 Inc., which will occupy 30,000 sf of the building. The company is currently headquartered at 4179 W. Irving Park Road, Chicago. Emergency 24, which provides alarm monitoring services, will move its headquarters to the newly acquired building in Des Plaines, he says. "They really wanted to have their own building where they could expand over time," Ader says. "They wanted to have signage that was visible."
The building is on nearly 6 acres with frontage on Interstate 90 and is also near Interstate 294 and O'Hare International Airport. Before the building was acquired, the asking lease rate was between $18.50 per sf and $20 per sf on a modified gross basis, Ader says. The anchor tenant in the building is Candle Corp. of America, he says. Other tenants include Precision Research, Edward Jones, staffing company Snelling and Snelling, and Stored Value Marketing.
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