SPRINGFIELD, IL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for a 75,960-square foot office building (top left photo) located in Springfield. Health Care Service Corp., which currently has a Standard & Poor’s credit rating of AA-, recently signed a 10-year triple-net lease.
The lease contains annual rent increases that begin in 2013. The listing price of $10,055,000 represents $132 per square foot.
Alvin Mansour (middle right photo), a senior vice president investments in the firm’s San Diego office, is representing the seller, a local developer. John Przybyla (lower left photo), first vice president in Marcus & Millichap’s Chicago Downtown office, is the broker of record in Illinois.
“Originally part of a 160-acre master-planned park, the property is surrounded by other office buildings, including a new 100,000-square foot building leased to American International Group Inc.(AIG),” says Mansour. “Health Care Service Corp. recently spent a significant amount of money on improvements to the property.”
The building is located at 3200 Robbins Road in an area with more than 92,000 residents within a five-mile radius.
The property is directly behind Southwest Plaza, a 368,000-square foot retail center anchored by Best Buy, Barnes & Noble, Michael’s, Office Depot, PetSmart, Sports Authority and other retailers.
The site is just south of White Oaks Mall, a 920,000-square foot regional mall anchored by Macy’s, Sears, Dick’s Sporting Goods, Bergner’s and others. The area’s average household income is in excess of $91,000, which is 26 percent higher than the national average.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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