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Bannockburn Offices Sell with Value-Add Potential
Colliers International | Chicago SVPs John Homsher and Alissa Adler represented North Shore OpCo LLC in its sale of Bannockburn Office Court, located at 2201-2231 Lakeside Dr. in Bannockburn, IL, to North Park Property Management LLC. The sale price was $3.85 million.
Bannockburn Office Court is comprised of two 20,000-square-foot, single-story office buildings. It was built in 1981, and has recently undergone cosmetic renovations that include new landscaping, parking lot and sidewalk repairs.
The property is located at the intersection of I-294 and Illinois Route 22, with access to a skilled suburban workforce. It was 77% leased at the time of sale.
“This building is located in the Lake County market which gives it a tax advantage over its competition in Cook County,” said Homsher. “New ownership can continue to improve the property and capture the value-add potential it offers.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
