CHICAGO—RREEF Property Trust, Inc. said on Friday that they had acquired 9022 Heritage Parkway, a 94,233-square-foot, two-story office building in suburban Woodridge, for $13.3 million. The property is located at the intersection of Interstate 55 and Lemont Road, about 25 miles west of downtown Chicago. The Allstate Insurance Company occupies the entire building under a net-lease.
“Consistent with our focus on investing in assets that we expect to deliver stable rental income and appreciation over time, we are pleased to acquire this property with a high-quality tenant on behalf of RREEF Property Trust,” says Todd Henderson, chairman of the board of RREEF Property Trust and head of Real Estate, Americas at Deutsche Asset & Wealth Management. RREEF America L.L.C. sponsors the RREEF Property Trust and along with other affiliates comprises the real estate investment business of DA&WM.
This is the first direct commercial real estate investment for the property trust. Currently a registered, non-traded, daily NAV company, RREEF officials say they intend to qualify as a real estate investment trust.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
