Transwestern’s Chicago office today announced that it brokered the sale of the Oak Creek Center office portfolio in Lombard, Ill. on behalf of KBS Realty Advisors. The 427,161-square-foot, 11-building office portfolio was purchased by a joint venture between Investcorp and Golub for $39.5 million.
“Investors are beginning to recognize the value in stable, suburban-Chicago, Class B office investments,” said Gary Nussbaum, managing director of Transwestern. “This type of property can generate healthy levered returns in the current low interest rate environment. The sale of Oak Creek Center to a New York-based advisor of Middle Eastern capital marks the third time in 2012 that a significant suburban Chicago office property traded to foreign investor interests. We expect this trend to continue.”
The institutional-quality portfolio features nine single-story and two multi-story buildings in a business park setting, located in suburban Chicago’s East-West Corridor. The portfolio was 87.5 percent leased at the time of sale.
KBS Realty Advisors was exclusively represented by Transwestern’s managing directors Gary Nussbaum and Thomas Gorman, and senior associate David Matheis. The Buyer represented itself in the transaction.
Transwestern is a privately held real estate firm specializing in agency leasing, property and facilities management, tenant advisory, capital markets, development, research and sustainability. The fully integrated enterprise leverages competencies in office, industrial, retail, multifamily and healthcare properties to add value for investors, owners and occupiers of real estate. Transwestern facilitates better decision-making for clients by combining penetrating local market intelligence and macro-market research through its affiliate, Delta Associates. Transwestern has 33 U.S. offices and assists clients through more than 150 offices in 30 countries as part of a strategic alliance with Paris-based BNP Paribas Real Estate. For more information, please visit www.transwestern.net and follow us on Twitter: @Transwestern. Follow the Chicago Investment Sales Group on Twitter: @TWChicagoISG.