Elgin Offices Sell for Headquarters Use
Colliers International | Chicago SVPs John Homsher and Alissa Adler represented an institutional client in the sale of a 31,320-square-foot, single-story office building located at 385 Airport Rd. in Elgin, IL to IHC Construction Companies. Lee & Associates’ Ken Franzese and John Cassidy represented IHC.
The property is currently leased to three tenants. The purchaser, a 114-year-old general contracting business, will move its headquarters into approximately 11,000 square feet at the building after combining multiple suites to accommodate its office requirements.
Built in 1988 by Hamilton Partners, the multi-tenant Class B office building sits on 2.89 acres off the Route 31 exit at the I-90 four-way interchange, with visibility from the Interstate. It was 28% leased at the time of sale. Pricing wasn’t disclosed.
“This was a terrific opportunity for our client to sell to a user-investor seeking a well-located asset significantly below replacement cost,” said Homsher.
For comments, questions or concerns, please contact Paul Bubny