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| 990 and 1000 Grand Canyon Parkway, Hoffman Estates, IL |
HOFFMAN ESTATES, IL – Schaumburg-based Crossroads
Development Partners has closed on the purchase of 990 and 1000 Grand Canyon
Parkway in Hoffman Estates.
Crossroads acquired the properties for $1.2 million from a subsidiary of
Boston-based Admirals Bank, which had taken the property back from a private
owner in a 2012 foreclosure transaction.
The two buildings, totaling more than 53,000 square feet,
feature a variety of medical users and are situated off of heavily trafficked
Higgins Road. Crossroads plans several capital improvements to compliment an
aggressive leasing campaign to stabilize the property. Crossroads closed the all-cash transaction
four days after reaching an agreement with the seller.
“We are pleased to
add to our suburban office holdings with the acquisition of the Medcoa
Professional Buildings in Hoffman Estates,” said Lee Kotler, principal
of Crossroads Development Partners.
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| Lee Kottler |
“Our organization is nimble and laser-focused on the task at
hand, and as a result, we were able to move quickly for a successful closing
and look forward to executing our business plan.
"Crossroads has been very successful in the suburban office market
in recent years."
In 2009, the firm purchased 1300 E. Woodfield Road in
Schaumburg, where it, and its affiliated management arm, SVN Crossroads
Management, are now headquartered.
At
the time of the purchase, the building was approximately 30 percent occupied.
Within four years, the firm has been able to achieve 97 percent occupancy for
the property.
In another of the firm’s suburban office holdings, the
180,000-square-foot 6400 Shafer Court in Rosemont, Ill., Crossroads has
signed approximately 20,000 square feet of new leases, renewals and expansions
in the last six months.
For a complete
copy of the company’s news release, please contact:
Mark Thomton, mthomton@taylorjohnson.com,
312-267-4523
Emily Johnson, ejohnson@taylorjohnson.com,
312-267-4522
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