Bolingbrook's Tallgrass Corporate Center sells for $65 million
Tallgrass Corporate Center, which houses Ulta Beauty's headquarters and several other companies in Bolingbrook, has been sold for more than $65 million.
Middleton Partners, a Northbrook real estate investment firm, bought the 533,365-square-foot office complex that is 100 percent leased.
"Tallgrass is a unique property and it makes for a great opportunity for Middleton," said Mitchel Greenberg, a founding principal of Middleton Partners.
The corporate center, at 1000 Remington Blvd., was originally developed in 1993 as a corporate headquarters/research and development facility for Tellabs. In 2004, Equus acquired the then-vacant property and transformed it from a corporate headquarters office, lab and light manufacturing facility into a state-of-the-art, multi-tenant office center. During that time, Equus invested about $18 million on the improvements.
"We acquired Tallgrass in 2004 and carefully executed a strategic repositioning and aggressive leasing strategy in order to build value for the firm and our investors," said Joe Neverauskaas, senior vice president of Equus Capital.
Tenants at Tallgrass include Ulta, 267,535 square feet; Presence Health, 103,825 square feet; Quad Graphics, 70,880 square feet and Amita Health, 69,804 square feet. During the past month, Ulta completed a 57,667-square-foot expansion of its space.