Missner Group acquires former Hospira property

DES PLAINES - The Missner Group has acquired the Cadence at Conway Park, 300 N. Field Drive in Lake Forest.

Terms of the acquisition were not announced.

The 138,000 square foot, three-story, Class A office property along I-294 in Lake County is home to numerous bio, health care and pharmaceutical organizations. The Missner Group purchased the property from a venture of Hospira, which was acquired by Pfizer in 2015. Hospira originally paid $28.8 million for the property in 2007.

"Located in one of the best business parks in Lake County, the Cadence is a pristine building, which presents a unique opportunity in a highly sought after submarket," said Barry Missner, CEO of The Missner Group. "It also fits with our business model to invest in properties which will offer value to both the office user and to our investors. In this instance, the property requires few upgrades and will be available to a single tenant for sale or to either a single tenant or multiple tenants for lease."

The property features 34,500 square foot floor plates with efficient and flexible layouts including multiple conference and training spaces, as well as a dramatic two-story atrium-style lobby, high-end commercial kitchen, game room and Wi-Fi lounge. Situated adjacent to an extensive prairie preserve, the property also includes 439 parking spaces, a modern HVAC system with zoned cooling, and two electrical feeds from two different substations. Colliers International's Jason Simon and Darryl Silverman have been tapped by The Missner Group to market the property.

Missner and Ed Adler, executive vice presidents of The Missner Group, led the acquisition for the firm which is the third for the organization this past quarter. The additional investments included the Oxxford at 1220 W. Van Buren in Chicago, a 115,000 square foot office/showroom and manufacturing building, which The Missner Group will convert into a Class A, loft office building; and the Olympian Office Center at 4343 Commerce Court in Lisle, a 168,000 square foot, seven-story vacant office property formerly home to Porsche Cars North America.

James Ward, Jonathan Metzl and Adam Showalter of Cushman & Wakefield represented the seller in the Lake Forest transaction.