|
Greenstone Partners successfully completed the sale of 387 Shuman Blvd, a 110,000 SF Class-A office building located in Naperville, one of Chicago’s most sought-after suburban markets. The property was marketed via CREXi auction and traded to the winning bidder for $6,400,000.
Ownership made significant investments into the Property including a new parking lot, lobby, corridors, restrooms, HVAC, electrical, plumbing, and roof, providing the buyer with an essentially brand-new, Class-A asset. At 53% occupancy, the Property offers a compelling value-add opportunity to lease the remaining 52,000 SF. Existing tenancy includes a mix of medical and general office users.
The location is highly visible from I-88, which experiences 135,000 vehicles per day, and offers signage opportunities for tenants. Its proximity to major hospital systems including Northwestern, Endeavor Health, and RUSH, positions the property to capture strong medical office demand. The surrounding area is highly affluent, with 191,000 residents within a 5-mile radius and average household income of nearly $140,000.
Greenstone Partners’ Managing Partner Jason St. John and Investment Associate AJ Patel exclusively represented the seller, a local private family office. The buyer was a private partnership based out of Dallas, TX.
The closing marks Greenstone Partners’ 17th transaction in the Naperville submarket within the last 4 years, accounting for a total sales volume of $96,487,000 spread across 684,000 square feet.
|
|
LEAD ADVISORS
|
|
|
The full content of this article is only available to paid subscribers. If you are an active subscriber, please log in. To subscribe, please click here: SUBSCRIBE
