The Real Deal (Chicago) – April 24, 2023: “Fred Lewis’ Sentinel buys Bannockburn offices for $29M.” This article reports that Baltimore-based Sentinel Net Lease acquired the 211,000 sq. ft. Bannockburn Corporate Center (Chicago suburbs) for about $28.6 million[1]. The purchase price was only slightly below what the seller (Axial Real Estate) paid in 2016, and Sentinel’s leadership highlighted the deal as a value play at ~$136 per sq. ft., offering a 9.5% cap rate[2]. The piece notes Sentinel’s executives (led by CEO Fred Lewis) have a track record of $6.4 billion in deals, and it mentions Sentinel also owns a Tesla service center in Schaumburg[3]. (Link: The Real Deal – Chicago)
[1] [2] [3] Sentinel Pays Axial $29M for Bannockburn Office Building
