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CHICAGO-Prentiss Properties Trust is redeploying its suburban office assets further up the lakefront. The Dallas-based REIT has sold its 135,679-sf 1800 Sherman Ave. property building in Evanston for $18.2 million, after buying a two-building, 198,000-sf office complex in Waukegan’s Amhurst Business Park for $32.6 million.

While it is paying $164 per sf for Lakeside Point I & II in Waukegan, the three-story buildings at 1615 and 1675 Lakeside Dr. are 100% leased to the largest employer in Lake County, Abbott Laboratories. The company, bought the property in a joint venture with ABP, notes the initial cash yield is 9.2%.

Meanwhile, Prentiss Properties Trust booked a $3.5-million gain on 1800 Sherman Ave., which it bought six years ago. The building was most recently 59% leased, with ZS Associates being its largest tenant at 43,000 sf. The REIT already sold off an adjacent lot to Optima Horizons, which has plans to build a $76-million condominium tower.

Overall, Prentiss Properties’ Chicago area portfolio, which includes 123 N. Wacker Dr. in the West Loop, is 85% leased. The 1.7-million-sf suburban portfolio includes the fully leased 257,000-sf Bannockburn Centre and 94% leased 141,000-sf 1717 Deerfield Rd., both along the Tri-State Tollway.

Lakeside Point I & II were built in 1990 and 1998. Abbott Laboratories has occupied most of the space at both buildings, which were sold by Waukegan-based PDC Properties, Inc.

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