Net-Leased Waukegan Offices Sell to Investment Partnership
CBRE arranged the sale of a 116,500-square-foot office building located at 2100 Norman Dr. in Waukegan, IL. The property is long-term net-leased to UCC Environmental, a leading provider of engineered, turnkey environmental solutions for power generation and industrial applications worldwide.
Woodlark Investments, LLC sold the property to a partnership of ICP Funds and Fulcrum Asset Advisors for an undisclosed sum. CBRE’s Gary Nussbaum and Maury Vanden Eykel represented Woodlark Investments.
Built in 1989 as a build-to-suit for UCC Environmental, the property is situated on an expansive 7.75-acre site midway between downtown Chicago and Milwaukee and is comprised of headquarters office spaces in addition to mission-critical light industrial, laboratory, and showroom spaces.
“Investors were attracted to a combination of the tenant’s solid credit-profile, its long-term commitment to the property, and the mission critical light industrial and testing areas,” said Nussbaum.