{"id":1004196090,"date":"2017-11-03T02:31:11","date_gmt":"2017-11-03T10:31:11","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004196090"},"modified":"2022-12-08T20:12:18","modified_gmt":"2022-12-09T04:12:18","slug":"chicago-office-park-changes-hands-for-75m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/chicago-office-park-changes-hands-for-75m\/","title":{"rendered":"Chicago Office Park Changes Hands for $75M"},"content":{"rendered":"

By Gail Kalinoski<\/em><\/p>\n

\"Tri-State<\/a>

Tri-State International Office Center<\/p><\/div>\n

Principal Real Estate Investors has sold Tri-State International Office Center, a five-building Class A office park in the Chicago suburb of Lincolnshire, Ill., featuring a Fortune 500 corporate headquarters.<\/p>\n

Bradford Allen Investment Advisors represented the unidentified buyer, who acquired the 559,204-square-foot campus for nearly $75.3 million.<\/p>\n

Yardi Matrix reported the buyer secured a $58.3 million loan from Regions Bank. The permanent loan has a term of 3.08 years, with a variable interest rate, and is due to mature on Oct. 6, 2020.<\/p>\n

HFF\u2019s investment sales team led by Directors Patrick Shields and Bryan Rosenberg and Senior Managing Directors Jaime Fink, Jeff Bramson and Mark Katz, represented the seller. Principal, the real estate investment group within Principal Global Investors, had owned the property since 2013, when it bought it from Colony Realty Partners.<\/p>\n

Tri-State International Office Center consists of CDW Center, which comprises two buildings fully leased to CDW for its headquarters, and three buildings totaling 350,183 square feet. All properties have been renovated since 2013 and are 79 percent leased. In addition to CDW, a Fortune 500 technology company, tenants include LTD Commodities, Solo Cup and Wells Fargo Bank, N.A.<\/p>\n

The buildings were developed between 1984 and 1989 and range from three to five stories. Three of the facilities\u201475, 300 and 25 Tri-State International\u2014have four stories. The largest building, 300 Tri-State International, has 150,682 square feet. The others range from 89,400 square feet for 200 Tri-State International to 110,097 square feet for 100 Tri-State International.<\/p>\n

\u201cThis unique opportunity anchored by the stable income of CDW\u2019s headquarters generated tremendous interest from both local and out-of-town capital,\u201d<\/em> Rosenberg said in a prepared statement.<\/p>\n

Tri-State International amenities<\/strong><\/h2>\n

The office park\u2019s amenities include a conference center, a 135-seat auditorium, an amenity center in the 200 Building, a fitness center, as well as a deli and parking for nearly 2,400 vehicles in surface and garage spaces. It is located on 37.4 acres at the four-way interchange of the Tri-State Tollway (Interstate 94) and Half Day Road (Route 22) in the northern Chicago suburb of Lincolnshire.<\/p>\n

\u00a0\u201cThis was a fantastic opportunity for the buyer to purchase a Class A office park with a balanced tenant roster, and excellent visibility and access from the adjacent Tri-State Tollway,\u201d<\/em> Shields said in prepared statement.<\/p>\n

Principal Real Estate Investors manages or sub-advises $71.8 billion in commercial real estate assets and its capabilities include both public and private equity and debt investment alternatives. In late October, the firm teamed up with Trammell Crow Co. to begin construction of San Leandro Business Center, a 552,000-square-foot speculative project that will offer high-tech manufacturing, assembly and distribution space in San Leandro<\/a>, Calif. Earlier in October, Principal sold Port 95, a two-building industrial business park totaling 151,389 square feet in Hollywood, Fla., for a reported $21 million to TA Realty.<\/p>\n

HFF was also in the news recently, announcing it had marketed a 1.2 million-square-foot group of light industrial assets in Philadelphia<\/a> for Mack-Cali Realty Corp. The industrial portfolio was purchased by Brennan Investment Group LLC.<\/p>\n

Image courtesy of HFF<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

HFF represented Principal Real Estate Investors in the sale of the five-building property in Lincolnshire, Ill., while Bradford Allen Investment Advisors handled the deal on behalf of the buyer.<\/p>\n","protected":false},"author":1068,"featured_media":1004196097,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,21743,21808,21783,13,21742,21747],"tags":[37920,32792,33706,38112],"class_list":["post-1004196090","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chicago","category-deals","category-featured","category-investment","category-midwest","category-latest","category-office","tag-colony-realty-partners","tag-hff","tag-principal-real-estate-investors","tag-regions-bank"],"acf":[],"yoast_head":"\nChicago Office Park Changes Hands for $75M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/chicago-office-park-changes-hands-for-75m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chicago Office Park Changes Hands for $75M\" \/>\n<meta property=\"og:description\" content=\"HFF represented Principal Real Estate Investors in the sale of the five-building property in Lincolnshire, Ill., while Bradford Allen Investment Advisors handled the deal on behalf of the buyer.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/chicago-office-park-changes-hands-for-75m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-11-03T10:31:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T04:12:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/Tri-State-International-Office-Center.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/chicago-office-park-changes-hands-for-75m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/chicago-office-park-changes-hands-for-75m\/\",\"name\":\"Chicago Office Park Changes Hands for $75M - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/chicago-office-park-changes-hands-for-75m\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/chicago-office-park-changes-hands-for-75m\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/Tri-State-International-Office-Center.jpg\",\"datePublished\":\"2017-11-03T10:31:11+00:00\",\"dateModified\":\"2022-12-09T04:12:18+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/fc5b5df1393e5023d2417bd48c2fda57\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/chicago-office-park-changes-hands-for-75m\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/chicago-office-park-changes-hands-for-75m\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/chicago-office-park-changes-hands-for-75m\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/Tri-State-International-Office-Center.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/Tri-State-International-Office-Center.jpg\",\"width\":800,\"height\":620,\"caption\":\"Tri-State International Office Center\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/chicago-office-park-changes-hands-for-75m\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Chicago Office Park Changes Hands for $75M\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/fc5b5df1393e5023d2417bd48c2fda57\",\"name\":\"Gail Kalinoski\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Gail-Kalinoski-headshot.jpeg?w=86\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Gail-Kalinoski-headshot.jpeg?w=86\",\"caption\":\"Gail Kalinoski\"},\"description\":\"Kalinoski has been a contributing writer to Commercial Property Executive and Multi-Housing News since 2010 and previously wrote for three years for Commercial Property News. Gail has been a freelance writer and editor for more than 20 years, contributing to daily websites, magazines, weekly business newspapers, market intelligence newsletters, research reports, monthly B-to-B and consumer magazines. Earlier in her career, Gail worked for Gannett Corp. as an editor and reporter for 15 years. Gail has a bachelor\u2019s degree in journalism from Pace University.\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/gail-kalinoski\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Chicago Office Park Changes Hands for $75M - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/chicago-office-park-changes-hands-for-75m\/","og_locale":"en_US","og_type":"article","og_title":"Chicago Office Park Changes Hands for $75M","og_description":"HFF represented Principal Real Estate Investors in the sale of the five-building property in Lincolnshire, Ill., while Bradford Allen Investment Advisors handled the deal on behalf of the buyer.","og_url":"https:\/\/www.commercialsearch.com\/news\/chicago-office-park-changes-hands-for-75m\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2017-11-03T10:31:11+00:00","article_modified_time":"2022-12-09T04:12:18+00:00","og_image":[{"width":800,"height":620,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/Tri-State-International-Office-Center.jpg","type":"image\/jpeg"}],"author":"Gail Kalinoski","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/chicago-office-park-changes-hands-for-75m\/","url":"https:\/\/www.commercialsearch.com\/news\/chicago-office-park-changes-hands-for-75m\/","name":"Chicago Office Park Changes Hands for $75M - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/chicago-office-park-changes-hands-for-75m\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/chicago-office-park-changes-hands-for-75m\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/Tri-State-International-Office-Center.jpg","datePublished":"2017-11-03T10:31:11+00:00","dateModified":"2022-12-09T04:12:18+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/fc5b5df1393e5023d2417bd48c2fda57"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/chicago-office-park-changes-hands-for-75m\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/chicago-office-park-changes-hands-for-75m\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/chicago-office-park-changes-hands-for-75m\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/Tri-State-International-Office-Center.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/Tri-State-International-Office-Center.jpg","width":800,"height":620,"caption":"Tri-State International Office Center"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/chicago-office-park-changes-hands-for-75m\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Chicago Office Park Changes Hands for $75M"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/fc5b5df1393e5023d2417bd48c2fda57","name":"Gail Kalinoski","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Gail-Kalinoski-headshot.jpeg?w=86","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Gail-Kalinoski-headshot.jpeg?w=86","caption":"Gail Kalinoski"},"description":"Kalinoski has been a contributing writer to Commercial Property Executive and Multi-Housing News since 2010 and previously wrote for three years for Commercial Property News. Gail has been a freelance writer and editor for more than 20 years, contributing to daily websites, magazines, weekly business newspapers, market intelligence newsletters, research reports, monthly B-to-B and consumer magazines. Earlier in her career, Gail worked for Gannett Corp. as an editor and reporter for 15 years. Gail has a bachelor\u2019s degree in journalism from Pace University.","url":"https:\/\/www.commercialsearch.com\/news\/author\/gail-kalinoski\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/Tri-State-International-Office-Center.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004196090","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/1068"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004196090"}],"version-history":[{"count":2,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004196090\/revisions"}],"predecessor-version":[{"id":1004196107,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004196090\/revisions\/1004196107"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004196097"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004196090"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004196090"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004196090"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}