Accesso Partners, LLC of Hallandale Beach, FL, formerly Beacon Investment Properties, has acquired Highland Oaks I & II, a two-building office complex totaling 320,000 sf in Downers Grove, IL. Price. Price was not disclosed.
The office buildings, located on a 11.5 acre site at 1100 and 1020 31st Street in the East-West submarket, are 84% occupied. Accesso has acquired six office properties in downtown and suburban Chicago totaling 2.34 million square feet in less than a year.
“We’re convinced that exceptional office buildings in prime Chicago locations offering value-add potential,” says Ariel Bentata, co-founder and managing partner, investments.
Highland Oaks I is a five- story 108,015 square foot property with the corporate headquarters of DuPage Medical Group as its anchor tenant. Highland Oaks II is a 6-story, 211,476 square foot building anchored by Blue Cross-Blue Shield.
The complex faces I-88 known as the Ronald Reagan Memorial Tollway and is just west of I-355. It is located 20 minutes from Chicago O’Hare International Airport and 30 minutes from downtown.
Brian Rosen, managing director, acquisitions, said the Highland Oaks complex is a “solid fit with Accesso’s purchase criteria of having national credit tenants on long term leases in choice areas. East West Corridor is the best e suburban submarket in Chicago. The average existing lease in the complex is 11 years and there is very little tenant rollover in the near term.”
The seller was represented by Daniel A. Deuter, senior vice president and Paul Lundstedt, executive vice president in CBRE’s Capital Markets group. “The sale went very smoothly,” says Deuter.ket transaction because we had closed deals with them before for the seller,” says Deuter. “We knew they were a credible buyer and would provide a high degree of certainty of close because we had brokered deals with them before for the seller.”
Financing was arranged through Key Bank by Susan Hill, senior managing director of HFF’s Houston office.
Accesso Services LLC will assume property management of the Highlands Oaks complex.