"We are excited to be able to market 777 Big Timber," says Kenneth J. Szady, senior vice president of investment sales. "This is an exceptional opportunity for an investor to acquire a state-of-the-art call center leased to a credit tenant on a long-term basis."
Verizon is paying $10 per sf triple-net, which Szady says is roughly $4 per sf to $5 persf below the current market. The property, which is being offered at a 9.04% overall capitalization rate, also includes 13.23 acres.
The broker points out the office center is located near a four-way interchange with Interstate 90, which connects Elgin to the Northwest suburbs as well as the city. The owner, Atlanta-based US Property Investment Fund, also enjoys lower property taxes with the location in Kane County, as opposed to Cook County. Tax records indicate US Property Investment Fund paid $10.5 million for the property in 1997.
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