Chicago & Midwest + Greater Chicagoland + Office | May 4, 2023

CBRE arranged the sale of a single-tenant Waukegan, IL office building net-leased to UCC Environmental

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.

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Inside The Story

CBRE's Nussbaum

About Paul Bubny

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).

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