ELGIN, IL-A Los Angeles-based investor has acquired a128,000-square-foot office building in suburban Chicago that is netleased to Verizon Wireless until 2017. The high-net worthindividual bought the four-story building from Stonewater Partnersfor $11.2 million.

The buyer used proceeds from a 1031 exchange out of amultifamily property in California, according to Craig Tomlinson ofStan Johnson Company. He represented the investor in theacquisition, while Steve Buss, Tom Holtz, Ryan Watts and MikeCaprile of CBRE’s Minneapolis office represented Stonewater in thesale.

“The investor wanted a property with an investment grade rating,but was unwilling to invest and get the kind of yields when you buya 25-year, net leased Walgreens,” Tomlinson tells GlobeSt.com. “Hewanted a 10% return on his money, and in order to get the yield hewanted, he had to accept a shorter lease.”