Three-Building Complex Sold in Carol Stream
29 Nov, 2011, Chicago
Cushman & Wakefield of Illinois, Inc. (C&W) has completed the sale of Carol Point Business Center, a three-building, 427,192-square-foot complex located in Carol Stream, Illinois. C&W's James D. Carpenter, Senior Director, and Kenneth J. Szady, Executive Director, represented the seller, LaSalle Investment Management, one of the world's leading real estate investment managers. The property was purchased for $22,350,000 by AEW Capital Management.
"The sale of Carol Point Business Center may be the only Class A, value-add transaction to close in Chicago in 2011," noted Mr. Carpenter. "The transaction demonstrates that investors are increasingly confident in market fundamentals and are therefore willing to take greater risks in search of returns higher than those produced by stabilized assets."
Built in the early 1990s, Carol Point Business Center is located in the Central DuPage submarket and consists of three one-story buildings located at 882-898 Carol Court, 883-899 Carol Court and 815-845 Carol Court. The Class A property was approximately 82% leased at closing. Major tenants include PartyLite, Spraying Systems, Defined Logistics, Tyco Fire Products and GE Energy.
With more than 600 employees in 17 countries worldwide, LaSalle Investment Management manages $47.7 billion of private and public property equity investments. The firm's client base includes public and private pension funds, insurance companies, governments, endowments and private individuals from across the globe. For more information, please visit: www.lasalle.com.