January 20, 2017
Chicago – Transwestern today announces the sale of 155 N. Pfingsten, a three-story, 120,000-square-foot office building in Deerfield, Illinois, to Boxer Properties. Transwestern Managing Director Gary Nussbaum, Director Michelle Monhaut and Investment Analyst Paige Gunn represented the undisclosed seller in the transaction.
“Despite the high vacancy rates within the submarket, the property has a solid record of maintaining 90 percent or greater occupancy,” said Nussbaum. “Additionally, tenants at 155 N. Pfingsten have a history of long-term occupancy. The three largest tenants make up 73 percent of the property and have been at 155 N. Pfingsten for an average of 13 years.”
Boxer has the opportunity to create value and raise rents by upgrading building systems and adding on-site tenant amenities. Brad Nichol, director of acquisitions at Boxer led the transaction for the purchaser.
“We were attracted to the quality of the asset and its Lake County location, which provide for key tax advantages that we plan to pass along to our tenants,” said Nichol. “We have already begun planning on a new tenant center and conference facility. Construction should start early next year.”
155 N. Pfingsten is just north of Lake Cook Road, within a mile of Interstate 94/294 and a short walk to the Metra Station. The property is 90 percent leased by 12 tenants and is anchored by NCH Marketing Services, which occupies 48,174 square feet.
Transwestern is a privately held real estate firm of collaborative entrepreneurs whodeliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Management, Tenant Advisory, Capital Markets, Research and Sustainability services, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Based in Houston, Transwestern has 34 U.S. offices and assists clients through more than 180 offices in 37 countries as part of a strategic alliance with BNP Paribas Real Estate. Experience Extraordinary at transwestern.com and @Transwestern. For updates from the Chicago office, follow @TranswesternCHI.