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CHICAGO-Four suburban office and industrial parks are being sold by AMLI Commercial Properties Trust to Prudential Real Estate Investors and Panattoni Development Co. PREI is buying 37 buildings with 3.4 million sf of office and industrial space while Panattoni Development is acquiring 278 acres of developable land in the four business parks.

Terms of the sale, which would exceed $200 million at $60 per sf, were not disclosed.

The properties involved are the Amhurst Lake Business Park in far north suburban Waukegan, Crystal Lake Business Park in northwest suburban Crystal Lake, Spring Lake Business Park in west suburban Itasca and Windham Lakes Business Park in southwest suburban Romeoville. Closing is expected in July or August.

“We’ve been looking for a way to enter the Chicago market for almost two years,” says Panattoni Development President Dudley Mitchell. “This acquisition not only allows us to enter the market, but gives us a firm base from which to expand in the future.”

Privately-held Panattoni has developed more than 60 million sf of build-to-suit projects in the US as well as currently managing 15 million sf.

Lehman Brothers represented AMLI while Venture One Real Estate, LLC represented PREI and Panattoni.

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