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RPAI Exits Office Sector with Schaumburg Trade
Retail Properties of America Inc. has sold its only remaining office property, Schaumburg Towers in Schaumburg, IL, for $86.6 million. The buyer was American Landmark Properties, a Skokie, IL-based value-add investor.
The 882,071-square-foot, two-building complex traded for approximately $98 per square foot. Formerly known as Zurich Towers, the property has remained more than 50% vacant since Zurich North America vacated in 2015 in a move to a newly-built headquarters on the former Motorola campus in Schaumburg.
On its website, American Landmark said it expected to bring Schaumburg Towers to over 90% occupancy within the next 24 to 36 months. It anticipates an IRR of 20% to 24% over a five-year hold period. The buyer received $110 million in financing through Cohen Financial to acquire and lease up the complex.
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- ◦Sale/Acquisition
