CHICAGO—CenterCore Properties, LLC has just acquired Corporetum Office Campus VI, a 168,000-square-foot, class A office complex located at 550-650 Warrenville Rd. in suburban Lisle, from Winthrop Realty Liquidating Trust. It's CenterCore's first office property, and company officials say while costs are prohibitive in the hot Chicago market, suburbs such as Lisle are in a sweet spot.
“It's hard to buy office assets today where the pricing makes sense, but suburban Chicago is growing out of the recession,” Bob Duncan, president of Evanston, IL-based CenterCore, tells GlobeSt.com. And that means properties that remain affordable, such as buildings in the Lisle campus, now have tremendous opportunities to fill vacancies and grow rental income.
Although many suburban submarkets have been hit by large corporate exits, that transition seems to be slowing down, he adds. “What we're seeing now is a market that is recovering.”
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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.
