Naperville office sells for $3.5 million
Podolsky Circle announced the sale of 1755 Park Street in Naperville. The 37,668-square-foot, three-story, multi-tenant office building sold for $3.5 million to a private investor.
CP Highlands Fund purchased the property in 2013 and began a capital improvement plan to update the property's automation systems, common areas, building signage as well as tenant spaces and the addition of electric vehicle charging stations. Podolsky Circle Construction, led by Michael Lebar, implemented the improvements. Des Plaines-based Podolsky Circle leasing executed the lease-up plan bringing the property to 94.4 percent occupancy before the sale.
The Podolsky Circle Middle Market Investment Advisory Team comprised of Managing Principal Alissa Adler, Principal John Homsher and Senior Vice President Paul Tesdal, represented the seller, CP Highlands Fund LP.
CP Highlands was represented by its principals, Randy D. Podolsky and Adam Tarantur. The property sold for $3,550,000 to a private investor.
"The condition, location and low real estate taxes of this particular asset made it a huge attraction," Adler said. "On top of that, ownership's capital improvements of the property, combined with our market knowledge and resources, culminated in high renewal rates and long-term tenancy, which in the end made for a very attractive investment opportunity."
Located in the heart of Naperville, just south of I-88 and within minutes of I-355, the 1755 Park Street is situated less than a mile from both the DePaul University Campus-Naperville and the Nike Sports Complex and benefits from an abundance of nearby retail and restaurants. The property features a patio or balcony overlooking a pond on each floor as well as after-hours key card access.
Tony Russo of Cawley Chicago represented the buyer of 1755 Park Street. The property is currently leased to a mix of local and regional tenants including a therapy practice, an executive suites operation, an IT consulting firm and a major regional bank office.