Investors buy four-building office, industrial complex
ADDISON -- As part of a joint venture partnership, Oak Brook-based real estate investor Clear Height Properties has acquired a multitenant group of four buildings at 1765-1795 Cortland Court in Addison.
Financial terms of the acquisition were not disclosed.
The brick masonry buildings total 83,745 square feet and sit on a 4.3 acres. The property is more than 90% leased to a variety of tenants, Clear Height said. Two spaces are available at 1,380 and 5,365 square feet.
The ownership partnership is with Harbert US Real Estate, an investment strategy company sponsored by Harbert Management Corp.
"This acquisition fits our classic profile of a strong asset in a sought-after, infill market," said Gary Rose, COO & President, Clear Height Properties. "Along with our partner, we see an opportunity to enhance value by improving operations, occupancy, and cash flow through continued strong leasing efforts and a new capital improvement plan."
This represents the third transaction following Clear Height and Harbert US Real Estate's formation of their joint venture with a 15-building, $55+ million recapitalization in 2021. The joint venture also acquired a 75,000-square-foot, single tenant, net-leased industrial building located at 1228 Tower Road in Schaumburg.