CHICAGO—Beacon Investment Properties, LLC has acquired Riverwalk II, a 12-story, class A office tower in suburban Buffalo Grove from Hamilton Partners, Inc. of Itasca, IL, for $45 million, its third office acquisition in the Chicago area in the last six months. JLL brokered the sale of the 258,955-square-foot glass and steel building at 2100 E. Lake Cook Rd. It was developed in 1998 by Hamilton for Allstate Insurance Company.
“With numerous prominent institutional buyers bidding for this distinctive office property, we are honored to be selected by Hamilton Partners as the buyer,” said Ariel Bentata, managing partner and co-founder the Florida-based Beacon, in a prepared statement. He was not available for comment by press time, but GlobeSt.com will post an update with him tomorrow.
“Riverwalk II is a solid fit for our portfolio and is right in line with our acquisition criteria,” he added. “It's been exceptionally well maintained, has a class A location, large nationally-known tenants on long term leases, generous tenant and guest parking, and only a 4% vacancy rate. We're looking for similar office properties in the Loop and Chicago's prime suburban submarkets.”
Beacon recently purchased the 20 N. Clark office tower in downtown Chicago from Hamilton. And the firm also recently bought the 210,774-square-foot Park Plaza building in suburban Naperville for about $24 million.
Jim Postweiler, a managing director with JLL, said the building was “fully marketed and heavily pursued" by institutional buyers in the United States. “Of all the prospective buyers, Beacon offered the best combination of price and reliability.”
Real estate investors often overlook the Chicago suburbs in favor of downtown, said Brian Rosen, Beacon's managing director for acquisitions. “But we feel certain suburban submarkets today offer great opportunities in high-quality office properties that will benefit from the resurgence of the Chicago economy and generate outsized investor returns.”
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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.
