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NORTHBROOK, IL-The time was right to sell a 75,000-sf office building at 3400 Dundee Rd. in this north suburb, says Great Lakes REIT. The $8.2-million sale has closed, putting the suburban Midwest office REIT in the market for an acquisition to complete a Section 1031 exchange to defer a $4-million capital gain.

The buyer was not disclosed, but a spokesman for the REIT says it was a “smaller investor.” Besides selling at $108 per sf, the professional building traded at an overall capitalization rate in the 9% range, says Brett Brown.

“Our 3400 Dundee property has been a wonderful property over the years we have owned it,” adds chief executive officer Dick May in a statement. “However, we felt that now was an opportune time for Great Lakes REIT to take profits and reinvest the sale proceeds in assets where we can add substantial value over the next several years.”

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