Cronheim contracted four years ago to lease out the asset on behalf of the former owner. "After securing several tenants, we succeeded in converting all of the leases, new and existing, to triple net," according to Peter Wisniewski executive vice president of Cronheim. "The lease conversions stabilized net income and made the property more attractive to potential investors."
Progressive Office Plaza was put on the market last spring. Besides representing the seller in the latest transaction, Cronheim also procured the buyer. According to Wisniewski, plans are underway to develop the rest of the site for business and medical offices, or light industrial uses.
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