Value-Add Opportunities Thin Out in West Suburbs

The Olympian Office Center located at 4343 Commerce Court in Lisle, IL, was acquired through a short sale.

CHICAGO—The Missner Group has just acquired the Olympian Office Center located at 4343 Commerce Court in suburban Lisle through a short sale from Riverview Realty Partners. Formerly the headquarters of Porsche Cars North America, the center represents the largest office acquisition to-date for Missner. But the 168,000 square foot, seven-story office property also fits in very well with the company’s overall strategy.

“We invest in value-add properties,” Ed Adler, executive vice president of Missner, tells GlobeSt.com. “And we saw a very high value-add component here.”   

For one thing, building occupancy currently sits at 30% with major tenants including the FBI and law firm Hinshaw & Culbertson. And the company bought the property at a price below replacement value. In fact, Missner bought it for an amount that Adler believes was roughly equal to its land value.