NAPERVILLE, IL-Quarter Circle Capital LLC, based in Omaha, has acquired Park Place Office Complex, at 1755 Park Place and 1717 Park Place. The sales price was $12 million. The seller was not disclosed but was a lender for a defaulted first mortgage, says James Puckett, chief executive officer of Quarter Circle. The buildings were acquired on behalf of Quarter Circle’s managed fund, QCC Fund I. A cap rate was not disclosed.

The buildings, which were constructed in 1986 and 1988, are each four stories and have a total of 145,000 sf of office space. The complex is currently 54% occupied. Major tenants in the building include Omnicare Inc., which is the largest tenant in the building, and Pugmarks, Puckett says. The asking lease rate for the market is about $20 per sf, gross, which will be about the asking lease rate for the building. “We generally look hard at the market and try to be at or below” the asking lease rate, Puckett says. Dan O’Neill, with Oak Brook-based NAI Hiffman Asset Management, is the leasing agent for the buildings.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.