GLENVIEW, IL-Opus Development Corp. recently sold two properties, including the 130,000-square-foot Gateway at the Glen office building here. Northwestern Memorial Hospital purchased the office, at Patriot Boulevard and Willow Road, for an undisclosed amount.

The Gateway building is 58% leased by Mead Johnson Nutrition and Navman Wireless Holdings. Mead signed a lease in December 2010 for 68,000 square feet in the 3-year-old building. Northwestern will occupy the majority of the vacant space within the building, John Carlson, real estate director with Opus Development, tells GlobeSt.com. The office is located in the 1,200-acre redevelopment of Glenview Naval Air Station.

He says that the company has been lucky, during a time that suburban office is about 20% vacant in the Chicago area, to lease up and sell buildings such as this one, as well as Highland Landmark V in Downers Grove, IL and the Landmark office in Lake Forest, IL. Carlson says next year should be about the same for the market. “I do think things are going to improve for owners during 2012, but at a very slow pace,” he says. “It’s going to take about 24 months to see vacancy improve for suburban office.”

Opus also sold a 300,000-square-foot industrial facility in Des Moines, IA to Chicago-based HSA Commercial Inc. The building is fully leased by an unnamed tenant. Opus officials tell GlobeSt.com that they could not comment further due to confidentiality agreements.

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
NOT FOR REPRINT

© 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.