Florida firm snaps up stake in suburban office portfolio

February 11, 2015

During a whirlwind of office acquisitions in the Chicago area, Florida real estate investment firm Accesso Partners is also making fast friends with Itasca­based developer Hamilton Partners.

Hamilton Partners sold Accesso a 50 percent stake in four Downers Grove office buildings that total more than 1 million square feet, the firms said. A price was not disclosed for the stake in the portfolio, which is 88 percent leased.

The deal is Accesso’s seventh in the Chicago area since it entered the market in fall 2013 and the third involving Hamilton Partners.

Previously, Hallandale Beach, Fla.­based Accesso—formerly known as Beacon Investment Properties—paid Hamilton Partners $63.8 million for a 36­story office tower at 20 N. Clark St. in the Loop and $45 million for the 12­story Riverwalk II tower in Buffalo Grove.

‘PARTNERSHIP SEEMED LIKE A SMART MOVE’

“That’s when we realized both companies believe in building close, personal relationships with our tenants, so a partnership seemed like a smart move,” Accesso managing member Ariel Bentata said in a statement.

Buildings in the Downers Grove portfolio deal, developed by Hamilton Partners between 1990 and 2002, are Esplanade I, 2001 Butterfield Road; Esplanade IV, 1901 Butterfield Road; Esplanade V, 3250 Lacey Road; and Esplanade Research & Development Center, 3131 Woodcreek Drive.

The Esplanade complex includes a health club with a pool, restaurants, day care, a DoubleTree hotel and a six­story parking garage.

Accesso’s other area deals include neighboring Loop towers at 200 and 230 W. Monroe St.

The firm has been even more active in the suburbs, where the total of $1.04 billion in 2014 sales represented the highest volume since 2007. In
addition to the Buffalo Grove and Downers Grove deals with Hamilton Partners, Accesso has bought Highland Oaks I and II in Downers Grove and
215 Shuman Blvd. in Naperville.

Esplanade I, 2001 Butterfield Road. (Photo credit: CoStar Group)

Hamilton Partners sold a 50 percent stake in four Downers
Grove buildings, including Esplanade I, 2001 Butterfield
Road. Photo from CoStar Group