90 North Completes Purchase of The Reserve at Deer Park Office Building in Chicago
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London-based 90 North Real Estate Partners recently announced it has arranged the sale of The Reserve at Deer Park, a 351,425-square-foot, Class A office building in suburban Chicago, RealEstateJournals.com reports.
By Ioana Neamt, Associate Editor
London-based 90 North Real Estate Partners recently announced it has arranged the acquisition of The Reserve at Deer Park, a 351,425-square-foot, Class A office building in suburban Chicago, RealEstateJournals.com reports. 90 North entered the U.S. real estate market only recently, with plans to invest $750 million over the next couple of years. The company completed the purchase at a cost of roughly $40 million, according to GlobeSt.
Located at 21440 W. Lake Cook Road in Deer Park, the property is part of a larger, 58-acre office campus developed by Motorola in 2002 and later acquired by Continental AG. Continental Automotive currently occupies roughly 200,000 square feet of The Reserve, while the remaining space, approximately 135,000 square feet, will be marketed for lease in 2015.
According to RealEstateJournals.com, Jason Streepy, Jason Wurtz and Michael Flynn of NAI Hiffman have been selected to market the property, which offers a 300-auditorium, a 500-person cafeteria, and a 1,209-space parking garage, among other amenities.
Dubai-based Arzan Wealth (DIFC) Limited acted as Strategic Advisor in the acquisition of the property by a consortium of international investors, according to a news release.
“The Continental asset is expected to provide a secure income stream, equating to an average of 7.75 percent per annum, payable monthly, from only the 60 percent occupied area, hence providing the investors in the deal with a clear value add opportunity that can enhance their total returns,” says Muhannad Abulhasan, CEO of Arzan Wealth.
Image courtesy of RealEstateJournals.com