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Clear Height Properties JV Snaps Up Schaumburg Flex Building
A joint venture between Clear Height Properties and Harbert United States Real Estate Fund VII has acquired the Plumwood Tech Center at 1201 E. Wiley Rd. in Schaumburg, IL. The purchase of the single‐story flex building represents the third acquisition for the group which began with a recapitalization of a 15‐building, multi‐tenant industrial portfolio earlier this year.
The seller was represented by the CBRE Capital Markets Group team of Gary Nussbaum, Michael Whisler and Kevin Kobe. Details of the purchase price and seller weren’t disclosed.
The property is a Class B, single‐story flex building totaling 65,767 square feet, currently 70.1% leased. Immediately following the acquisition, Clear Height will launch a capital improvement effort to convert currently vacant space from heavy office use to more traditional industrial flex space. Vacancy in the building includes approximately 19,665 square feet.
- ◦Sale/Acquisition