With occupancy of 43 percent, office-industrial complex offers investors an income-producing asset with room to add significant value.
ELGIN, Ill. (November 5, 2018)
Mission Capital Advisors, a leading national real estate capital markets solutions firm, today announced that its Asset Sales Group is marketing the Leslie Oaks Business Center, a 255,304-square-foot office and industrial complex located at 580-735 Tollgate Road in Elgin, Illinois. The Mission Capital team of Will Sledge, Kyle Kaminski, and Rob Beyer is marketing the property on behalf of the seller, a CMBS special servicer. The property will be auctioned on the RealINSIGHT Marketplace platform, with the bidding window opening on November 12 and closing on November 14.
The eight buildings that make up the property were constructed between 1988 and 1999 on two neighboring, but non-contiguous, parcels within the Tollgate Industrial Park. Close to 90 percent of the property’s square footage is office space, with the remaining space optimized for warehouse use. The complex has a diverse array of 14 national, regional, and local tenants, including Staples, National Louis University, Zimmer Biomet, and Clinical Computer (OBIX). The property is just over 43-percent occupied, providing buyers with room to add significant value for a fairly modest investment.
“We expect to receive a lot of interest from opportunistic, value-add buyers who recognize the favorable market dynamics,” said Kaminski. “With a strong foundation of in-place tenants, many who have been at the property long term, the complex will deliver immediate cash flow to the buyer. The property has an ideal location at the interchange of Route 31 and Interstate 90, and this excellent access should help a buyer tenant the property and in turn achieve outsized returns on their investment.”
The complex features ample parking, tenant-controlled HVAC, and close proximity to local restaurants and hotels. The warehouse space features 12.5’ clear heights, 13 drive-in doors, and six dock-high loading entrances.
“Several major tenants recently signed lease renewals, underscoring the property’s significant attraction to office and industrial tenants,” said Kaminski. “With the combination of numerous long-term tenants and the opportunity to create additional value, this property will be a ‘can’t-miss’ investment for value-add buyers who know the local market and want to acquire an asset at an attractive basis.”
Located in a well-performing submarket in northwestern Chicagoland, the offering is situated near Interstate 90, Route 31, Interstate 290, and Interstate 355. The property is located in the Chicago Metropolitan Area, spanning across Illinois, northwest Indiana, and southeast Wisconsin, which is home to over 9.6 million people.
About Mission Capital Advisors
Founded in 2002, Mission Capital Advisors, LLC is a leading national, diversified real estate capital markets solutions firm with offices in New York, Florida, Texas, California and Alabama. The firm delivers value to its clients through an integrated platform of advisory and transaction management services across commercial and residential loan sales; debt, mezzanine and JV equity placement; and loan portfolio valuation. Since its inception, Mission Capital has advised a variety of leading financial institutions and real estate investors on more than $65 billion of loan sale and financing transactions, as well as in excess of $14 billion of Fannie Mae and Freddie Mac transactions, positioning the firm strongly to provide unmatched loan portfolio valuation services for both commercial and residential assets. Mission Capital’s seasoned team of industry-leading professionals is committed to achieving clients’ business objectives while maintaining the highest levels of integrity and trust. For more information, visit www.missioncap.com.
About RealINSIGHT Marketplace
RealINSIGHT Marketplace is one of the nation’s leading online due diligence and auction bid platforms. RealINSIGHT provides local, regional, national, and international investors the opportunity to review and bid for loan and REO assets on an individual basis. For more information, visit marketplace.realinsight.com.