CHICAGO, IL – HFF announced today that it has closed the sale of and arranged financing for Continental Executive Parke I, II, III and IV (top left photo), Class A office buildings totaling 294,153 square feet in Vernon, Illinois.
HFF marketed the portfolio on behalf of the seller, PacTrust. PWA Real Estate, LLC purchased all four properties for an aggregate total of $36.5 million.
HFF’s debt placement group arranged the acquisition financing on behalf of PWA Real Estate LLC. JP Morgan Chase Bank provided the fixed-rate loan, which will also be serviced by HFF.
Continental Executive Parke is 93.6 percent leased overall to tenants including Wonderlic, Inc, Parkson Corporation, CDW LLC and Baxter Credit Union. The properties are located at 400 North Lakeview Parkway, 560-562 East Bunker Court, 300 North Milwaukee Avenue and 340 North Milwaukee Avenue in Vernon Hills in the north suburban market of Chicago.
The HFF investment sales team representing the seller was led by senior managing directors Jeff Bramson (middle right photo) and Jaime Fink (lower left photo).
HFF senior managing director Mike Kavanau and managing director Stephen Skok represented the buyer/borrower in the financing of the transaction.
As one of the Pacific Northwest's largest real estate developers and investment property owners, Pacific Realty Associates, L.P. (PacTrust) has been a trusted name in commercial real estate for over 35 years. The firm has approximately 16 million square feet of operating office, industrial, flex and retail properties as well as 500 acres of undeveloped land.
PWA Real Estate’s core focus is to acquire income producing, commercial real estate properties. The firm looks to purchase commercially grade, strategically located, stabilized assets that are sourced, analyzed and managed by the firm’s team of experienced real estate professionals.
Contacts:
JEFFREY M. BRAMSON JAIME M. FINK
HFF Senior Managing Director HFF Senior Managing Director
(312) 528-3650 ( 312) 528-3650
KRISTEN M. MURPHY
HFF Associate Director, Marketing
(713) 852-3500
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