Overview

ESSENTIAL INFORMATION

  • Class A property with best-in-class amenity set
  • 91.5% leased to a diverse tenant base with corporate backed guarantees
  • Acquiring at approximately 23% of replacement cost
  • Long term lease duration with annual increases
  • Located in a very desirable submarket in Chicago Metro MSA
  • Ample parking including underground garage
  • Status Under Management
  • Area 213,216 Square Footage
  • Location Bannockburn, IL
  • Type Multi-tenant office
  • StrategyOpportunistic Institutional

Description

Class A office building located in the highly desirable North Shore area of greater Chicago.
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Currently 91.5% leased, the Property boasts a dynamic rent roll anchored by two corporate headquarters – Option Care and Donlen – and features highly recognized household names, publicly traded companies and 5.4 years of WALT across all tenants. Constructed in 2001, BCC benefits tremendously from comparatively low Lake County taxes and is one of the few post-2000 construction buildings in the North submarket with a campus-like setting and pristine landscape grounds.

Key Metrics

  • Purchase Price: $28,550,000
  • Lease Term Remaining: 5.4 years (Weighted Average Lease Term)
  • Net Rentable SF: 213,216
  • Price Per Square Foot: $136
  • Projected Investment Period : 4.4 Years
  • Year 1 Cap Rate: 9.3%
  • Projected Yr 1 Cash-on-Cash Return: 10.7%
  • Projected Net Return on Equity: 2.0x
  • Projected Net IRR: 21%

Location

Address

Bannockburn, IL