Des Plaines office building sold for $6.2 million
Podolsky Circle CORFAC International announced the sale of 1221-1311 Rand Road (Rand Center) in Des Plaines.
The four-building, 136,533 square foot industrial/flex warehouse complex was sold for $6.2 million on behalf of Ameritus Real Estate Investment.
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, Ameritus Real Estate Investment.
Additionally, Podolsky Circle provided debt placement services to the purchaser, Clear Height Properties.
"This was an excellent investment opportunity for the buyer given Rand Center's desirable location, its flexible unit sizes, stable cash flow, future rent growth and lack of other comparable new construction in the area," Adler said. "The transaction also allowed our client to focus solely on its office portfolio strategy."
Rand Center is currently 94.5 percent occupied by 43 tenants ranging in size from 1,306 to 7,879 square feet. Ameritus Real Estate Investment completed several capital improvements to the complex in 2017 including new exterior lighting, parking lot renovation, directional signage as well as new landscaping.
Podolsky Circle with offices in Des Plaines provides brokerage, property management, construction and investment advisory services to owners and users within the office, industrial and retail real estate sectors.