Real estate investors buy Plumwood Tech Center

SCHAUMBURG - A joint venture between Clear Height Properties and Harbert United States Real Estate Fund VII has acquired the Plumwood Tech Center at 1201 E. Wiley Road in Schaumburg.

The single-story office building totals 65,767 square feet and is currently 70% leased, Oak Brook-based Clear Height Properties said. Tenants include Key Code Media, SKC Communication Products, Rexel USA Inc and Strategic Mobility Group.

Details of the purchase price and seller were not disclosed. Clear Height said it will launch a capital improvement effort to convert currently vacant space from a heavy office use to more traditional industrial flex space under the belief that demand for this type of space is more robust.

The venture was attracted to the building in large part because of its location with prominent highway visibility and good access to and from the surrounding area for tenants, the investment group said.

"With these characteristics, and others, Plumwood Tech Center fits well into the existing portfolio of well located, multitenant industrial/flex space we recently created with our partner, HUSREF VII," said Tom Seurynck, vice president of asset management and acquisitions at Clear Height.