Elgin Offices Trade with “Tremendous Upside” for New Ownership

Colliers’ Chicago-based Office Capital Markets Team of Alissa Adler and John Homsher, in partnership with Ten-X Commercial Real Estate auction platform, represented an undisclosed seller in the disposition of an 80,878-square-foot office building located at 2250 Point Blvd. in Elgin, IL, to Elgin Square Property LLC. 
 
Originally built by PanCor Construction & Development on spec in 1999, the four-story, multi-tenant property is located in Randall Point Executive Center at the four-way interchange of I-90 and Randall Road and across the street from Pace’s Park-n-Ride. It is also less than two miles from Advocate Sherman Hospital, making it appropriate for medical office tenants. It was 30% leased at the time of sale. 
 
“The new owners have stepped into a tremendous opportunity with a low basis and immense upside and a chance to add value through cosmetic improvements and a targeted spec suite leasing program to increase occupancy,” said Homsher.

Meet industry experts at the upcoming Connect Midwest: Multifamily and Adaptive Reuse Trends, which takes place June 13, 2023 at the W Chicago City Center Hotel. Click here for more information and to register.