Vacancy at the property is just 4%, according to Black's Guide, and asking net lease rates for that space has been $13 per sf. Northwest suburban office market vacancy was 19.9% entering the first quarter, according to US Equities Realty, but 22.3% when sublease space is added.
Besides a vacancy rate much lower than the rest of the northwest suburban office market, Mark Hellwig of CB Richard Ellis notes the property drew interest from investors because of its location just southeast of the crossroads of I-290/Route 53 and the Northwest Tollway, less than a mile from Woodfield Shopping Center as well as land for future development. Also on the CB Richard Ellis team representing Spear Street Capital were Bill Novelli, Ray Braun, Mike Vesper, Tony Smaniotto and Alex Hlavacek.
Spear Street Capital has targeted properties owned by technology and telecommunications companies. Besides its hometown and Silicon Valley, its holdings have included properties in Boston and Seattle.
Santa Clara, CA-based 3Com also sold off a 651,765-sf office and industrial property in Mount Prospect in 2002 for $18.2 million.
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