ROCKFORD, IL-A Los Angeles-based investor has acquired a77,200-square-foot office building 100% leased and occupied by BlueCross Blue Shield of Illinois for the next 10 years. The high-networth individual bought the 11-year-old building from aChicago-based investor for $12.3 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 buyer in the transaction,while Kevin Lynch of Sperry Van Ness represented the seller.
Tomlinson tells GlobeSt.com that the Blue Cross Blue Shieldproperty is the second acquisition the exchange buyer has purchasedin the Chicagoland area. Earlier this month, the investor closed ona 128,000-square-foot office building in suburban Chicago that isnet leased to Verizon Wireless until 2017.
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