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.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).