Balmoral Business Campus in Rosemont sold
Middleton Partners, a Northbrook-based real estate investment firm, has purchased Balmoral Business Campus, a large two-building office complex in Rosemont.
The 230,754-square-foot office complex is located at 5400 and 5500 Pearl St. Simultaneously, Middleton Partners announced that Colliers International has been retained as its exclusive property leasing and management firm.
About 85 percent of the space at 5400 Pearl is occupied by the laboratory testing arm of Advocate Health and Hospital System.
And 5500 Pearl is a four-story building occupied primarily by Xerox Corp. Later this year, 5500 Pearl will feature a two-floor, 70,000-square-foot contiguous block of available space.
The seller, TA Associates, was represented by CBRE. The sale price was not disclosed.
Constructed in 2001, Balmoral Business Campus is about 85 percent leased, with a vast majority of the space occupied by institutional-quality tenants.
The recently completed Balmoral Avenue exit and Mannheim connection now gives the property almost immediate access O'Hare Airport and two of Chicago's most heavily traveled expressways, Middleton officials said.
"Balmoral Business Campus is a great opportunity that otherwise doesn't exist in the marketplace," said Mitchel A. Greenberg, a principal with Middleton Partners. "It is rare to find a property with this level of infrastructure, above-average parking, large 30,000-square-foot floor plate and building amenities that also has such significant location and access benefits."
This is the second large transaction for the investment firm in that past few months. At the end of September, Middleton acquired Tallgrass Corporate Center, a Class A 533,365-square-foot office complex in Bolingbrook. It is 100 percent leased.