Erik Foster, SVP with Grubb & Ellis' capital markets group,and associate VP Mike Wilson represented the seller in the deal."American Asset realized the stability of the building given thetenants and the occupancy, and what that presented for aninvestor," Foster tells GlobeSt.com. The building is occupied byCricket Communications, clothing distributor Sun Cap, and DGPrinting, a full-service printing, graphics, design and mailinghouse, which each occupy about 35,000 square feet.

Waterton Associates purchased the building a couple of years agowhen it was almost completely vacant, Foster says. Since purchasingit, the company oversaw renovations to the building, includingupgrades completed on the roof, parking lot, and exterior of thebuilding, and a drastic increase to occupancy, Foster says. "Theyrehabbed and leased it successfully, and wanted to realize theprofit from that," Foster says. The building closed at a cap ratearound 7.5%, Foster says.

Foster says Schaumburg is a submarket that has seen better days,but one that still attracts national tenants seeking proximity tothe northern suburbs and interstates and other transportation."Again, this was a quite a unique deal given the paralyzed debtmarkets, and the ever present challenges of Schaumburg, which arehigh real estate taxes and high submarket vacancy," Fostersays.