Lee & Associates sells office building near Woodfield Mall for $3.5 million

Lee & Associates, one of the largest national commercial real estate providers, sold a 106,380-square-foot, five-story office building at 930 National Parkway in Schaumburg for $3.52 million.

The class A office property is located adjacent to Woodfield Mall and originally was built in 1989 for Cellular One and later occupied by Cingular and AT&T.

Tony Russo, senior vice president, and Ryan Freed, vice president of Lee & Associates represented the seller, Somoha, LLC. The buyer, National India Hub Foundation (a national Indian-American organization focused on local community outreach and volunteering), was self-represented.

National India Hub Foundation is planning to convert the property to a multipurpose community center to help unite and celebrate its culture. The facility will include a charity clinic, conference rooms, indoor sports center, auditorium, donation center, event space and other amenities.

"In today's unprecedented commercial office market, out-of-the-box thinking is required to re-purpose some of the existing office buildings," Russo said. "National India HUB Foundation is a perfect example of this strategy. Bringing unique tenants to traditional office spaces will also help the overall office market to recover from all-time high vacancy rates."