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Lake Zurich Office Campus Goes for Suburbs’ Highest Price Since 2005
In a deal demonstrating investor demand for office properties tied to long-term tenants with good credit, Spring Valley, NY-based Northeast Capital bought the nearly 1.1-million-square-foot Kemper Lakes Business Center in Lake Zurich, IL, reported Crain’s Chicago Business. Northeast paid $190 million, the highest price for a suburban Chicago office property in 17 years, to acquire the four-building campus along the Kemper Lakes Golf Club from Apollo Global Management.
The last time a suburban office asset traded for that much was in 2005, when the 150-acre former AT&T campus in Hoffman Estates was sold for more than $338 million, according to Real Capital Analytics. The price narrowly bested a 2014 deal for Tellabs’ Naperville headquarters, which changed hands for just under $188 million in a sale-leaseback.
The 164-acre Kemper Lakes Business Center is 94% occupied by three large tenants with leases running into the 2030s, Crain’s reported.
- ◦Sale/Acquisition
