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DOWNERS GROVE, IL-Even though vacancy was 23.2% at the time of its sale, and the two-story building is considered a class B asset, the office property at 3051 Oak Grove Dr. in the East-West Corridor took just four months to sell at $119 per sf. Montesano Capital Management, Inc. paid $3.2 million for the property, little more than what Hinsdale-based MKG Investments paid for it four years ago.

The price per sf is about 10% more than Barrington-based Fulcrum Woodland, LLC’s recent $19-million acquisition of the nearby Woodland Corporate Center at 1333 Butterfield Rd. Both properties are nestled between the North-South and East-West tollways.

“We had immediate interest in the property from private investors and users, and it turned out to be the ideal situation for MKG Investments,” says CB Richard Ellis suburban office investment specialist Raymond Zanca, who represented MKG Investments with David Justh.

The two-story, 26,822-sf office building in the Oak Grove Center for Commerce was constructed in 1979 and renovated in 1990. Published gross lease rates at the property are $20 per sf.

The East-West submarket has a total vacancy rate of 28%, according to US Equities Realty’s most recent market report.

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