Elgin business center goes to auction

 
Daily Herald Report
Posted11/12/2018 1:00 AM
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  • Mission Capital Advisors, a national real estate capital markets solutions firm, said its asset sales group is marketing the Leslie Oaks Business Center, a 255,304-square-foot office and industrial complex located at 580-735 Tollgate Road in Elgin.

    Mission Capital Advisors, a national real estate capital markets solutions firm, said its asset sales group is marketing the Leslie Oaks Business Center, a 255,304-square-foot office and industrial complex located at 580-735 Tollgate Road in Elgin.

Mission Capital Advisors, a national real estate capital markets solutions firm, said its asset sales group is marketing the Leslie Oaks Business Center, a 255,304-square-foot office and industrial complex located at 580-735 Tollgate Road in Elgin.

The property will be auctioned on the RealINSIGHT Marketplace platform, with the bidding window opening on Nov. 12 and closing on Nov. 14.

The eight buildings that make up the property were constructed between 1988 and 1999 on two neighboring, but non-contiguous, parcels within the Tollgate Industrial Park. Close to 90 percent of the property's square footage is office space, with the remaining space optimized for warehouse use. The complex has a diverse array of 14 national, regional, and local tenants, including Staples, National Louis University, Zimmer Biomet, and Clinical Computer. The property is just over 43-percent occupied, providing buyers with room to add significant value for a fairly modest investment.

"We expect to receive a lot of interest from opportunistic, value-add buyers who recognize the favorable market dynamics," saidKyle Kaminski of Mission Capital. "With a strong foundation of in-place tenants, many who have been at the property long term, the complex will deliver immediate cash flow to the buyer."

The complex features ample parking, tenant-controlled HVAC, and close proximity to local restaurants and hotels. The warehouse space features 12.5' clear heights, 13 drive-in doors, and six dock-high loading entrances.

"Several major tenants recently signed lease renewals, underscoring the property's significant attraction to office and industrial tenants," said Kaminski. "With the combination of numerous long-term tenants and the opportunity to create additional value, this property will be a 'can't-miss' investment for value-add buyers who know the local market and want to acquire an asset at an attractive basis."

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