Clear Height Properties renovates, sells office building
OAK BROOK -- Clear Height Properties and its joint venture partner, Buligo Capital Partners, said they have renovated and sold an office building in Oak Brook.
Chicago-based real estate investor Helios Properties acquired the three-story, 173,017-square-foot office building at 814 Commerce Drive. The sale price was not disclosed.
Since the building's acquisition in late 2019, Clear Height invested $1.5 million to modernize and upgrade 814 Commerce. The most notable and extensive improvements were made to the building's exterior and common areas, parking deck and HVAC systems, it said.
At the time of the sale, the property was 56.1% leased to three tenants: Innovista Health Solutions, IRC Retail Centers and CPS. 814 Commerce has a unique combination of small block and large block availability, suitable for all tenant sizes.
"Our investment thesis, to acquire a well-located asset like 814 Commerce, give it the attention required to better position it for the marketplace, and then conduct an aggressive lease program, remains incredibly viable," said Gary Rose, president and COO of Clear Height Properties.