The portfolio is a master-planned project developed adjacent tothe University of Illinois by Fox Development Corp., based here,and constructed between 1989 and 2001, says Nussbaum, managingdirector for Transwestern. The Shoppes of Knollwood is an upscaleretail center and the rest of the portfolio consists of officespace. The park has "a lot of high-credit national tenants,"Nussbaum says.

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The Shoppes of Knollwood are located at 2131-2151 S Neil St. anda South Building at 2211-2229 S. Neil St. Nussbaum didn't know thebreakdown between office and retail, however, according to FoxDevelopment's website, the retail are of Shoppes of Knollwoodconsists of more than 38,000 sf.

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The portfolio has always been well occupied and Nussbaum said hecould not recall the development being less than 96% occupied. "Itis in a market where there is a limited amount of class A officespace and in a market where the class A office space tends to be95% or better occupied," he says. Office tenants include Blue CrossBlue Shield, Allstate, Amdocs and Intel.

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The asking lease rate for class A office space in the arearanges from $15 per sf to $17 per sf, net, although "rates aregoing up all over" as there is not class A office space available,Nussbaum says. Retail tenants include First Midwest Bank and LePeet Restaurant. The asking retail lease rate for retail in thearea is between $17 per sf and $19 per sf net, he says.

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Romanek acquired the properties in late 2004 with Transwesternrepresenting the firm in the acquisition. Nussbaum would notdisclose the sales price in the 2004 transaction, but it wasreportedly $31 million. Romanek had not been planning on sellingthe portfolio when Transwestern contacted the firm with "a goodmatch," Nussbaum says. No renovations are needed to any of thebuildings. "The buyer is looking for future and consistent cashflow," he says. "This will be a long-term hold."

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