Colliers’ Chicago-based Office Capital Markets Team, comprising Alissa Adler and John Homsher, in partnership with Ten-X Commercial Real Estate auction platform represented an undisclosed seller in the disposition of an 80,878-square-foot office building located at 2250 Point Blvd. in Elgin, IL to Elgin Square Property LLC.
The four story multi tenant property was originally built by PanCor Construction & Development on spec back 1999 and is situated at the four way interchange of I90 and Randall Road across from Pace’s Park n Ride as well as less than two miles away from Advocate Sherman Hospital making it suitable for medical office tenants. At time of sale occupancy rate was 30%.
John Homsher commented “the new owners have stepped into a tremendous opportunity with a low basis and immense upside allowing them to add value through cosmetic improvements along with targeted spec suite leasing program which will increase occupancy.”
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