SCHAUMBURG, IL-Janko Group has acquired Parkway Corporate Place, a three-building, single-story office complex here. The Deerfield, IL-based firm bought the 161,000-square-foot property out of receivership from C3 Asset Management in an off-market transaction.
The purchase price was in the mid-$40 per square foot range, representing a significant reduction to replacement cost, according to Randy Tieman, managing director of Janko Group. “To build these buildings, it would cost at least $175 per square foot,” he notes.
Janko Group has experience in suburban Chicago submarket; it currently owns Remington Business Center in Schaumburg, as well as 850 and 900 Arlington Heights Rd. in nearby Itasca. “Our others properties nearby are not of the quality or location of Parkway Corporate Place,” Tieman tells GlobeSt.com. “This property is clearly the best single-story space in the market with a Main and Main location in the center part of Schaumburg.”
Parkway Corporate Place is currently 58% leased to tenants including ITW, Samsung, Career Education Corporation and Group Administrators. “The tenants in the building are all very good corporate credit tenants with some nice term left on their leases,” Tieman notes. “The vacant space is quite leaseable given our adjusted basis in the building, which will allow us to lease the space at attractive rates.”
Additionally, Tieman notes that Janko Group has plenty of funds available for tenant improvements and broker commissions. “It is my understanding that there was tenant interest in the building, but the previous owner lost deals because they didn’t have the capital dollars they needed,” he notes. “We believe we can lease up the property over the next 12 to 24 months.”
Janko Group has engaged CBRE’s Rob Graham and Dan Bessey to lease Parkway Corporate Place.
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