Done Deals: HFF marketing for sale two-building office portfolio in suburban Chicago

Thursday, March 28, 2013

HFF marketing for sale two-building office portfolio in suburban Chicago

Corridors Office Complex, Downers Grove, IL

CHICAGO, IL – HFF announced today that it has been selected to market the sale of Corridors I and II, a two-building, Class A office portfolio totaling 299,792 square feet in Downers Grove, Illinois.

HFF is marketing the property on behalf of the seller, LNR Partners, LLC, for an undisclosed amount free and clear of debt.

Corridors I & II are located at 2651 and 2655 Warrenville Road adjacent to the East-West Tollway (Interstate 88) and North-South Tollway (Interstate 355) intersection, approximately 25 miles west of downtown Chicago.

Jaime Fink

The five-story buildings were completed in 1998 and 1999.

Corridors I is 76 percent leased to tenants including AIU, Revenue Cycle Solutions and Ameriquest. Corridors II is 26 percent leased to AIU. The property also includes a total of 1,457 garage and surface parking spaces.

The HFF investment sales team representing the seller is led by senior managing directors Jaime Fink and Jeff Bramson and director Mark Katz.

Jeff Bramson

“Corridors I & II presents investors with a unique opportunity to acquire very well-located, Class A office buildings that are less than 15 years old in a desirable suburban market. There have been limited value-add opportunities that have availed themselves recently in the East-West Corridor that presented a pure lease-up situation such as this,” commented Fink.

LNR Partners, LLC (“LNR”) is the world's largest commercial mortgage special servicer. LNR is the industry leader in commercial loan workouts with market-leading due diligence and underwriting processes and extensive knowledge of credit fundamentals that enable the company to secure the maximum resolutions in the shortest amount of time for its investors.