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BANNOCKBURN, IL-Great Lakes REIT has closed on its $31.8-million purchase of 3000 Lakeside Dr. in this Lake County suburb, which recently has become the home of the priciest residential real estate in the market with a median selling price of $1.6 million. The Oak Brook, IL-based REIT that concentrates on Midwest suburban office properties used its existing line of credit to buy the class A building on 15 acres near the interchange of Interstate 94 and Half Day Road.

“Bannockburn Corporate Center property is a high-quality building in an excellent location, and we expect the property will enhance our offerings in the north suburban market and provide our Company a favorable yield on our investment,” says Chief Executive Officer and Chairman of the Board Richard A. May. “The property is only two years old and the weighted-average lease term is 8.1 years.”

However, the building’s current occupancy stands at 81.5% occupied. Great Lakes projects the first-year capitalization rate at approximately 9%.

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