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CHICAGO-An unidentified locally based national investor has acquired the Northwest Business Center at 2100 Golf Rd. and West Meadows Business Park at 1600 Hicks Rd. and Winnetka Circle for an aggregate of $15.9 million. Both are flex/office properties in the Rolling Meadows suburb.

Bill Tourtellotte and Shawn Lubic of Newtown Square, PA-based GMH Capital Partners represented the sellers that Tourtellotte says are separate Texas-based companies with some related principals. “We could have marketed the properties separately, but found a single buyer for both,” he says.

ITW Mortgage Investments III sold Northwest Business Center, which consists of two single-story buildings with an aggregate of 133,240 sf. It sold for nearly $9.3 million, or $69.42 per sf. The complex, located on 10.4 acres, was constructed in 1985, and is approximately 77% leased. Tourtellotte tells GlobeSt.com the current rent rates cover a broad range from about $7 per sf to $11 per sf, “depending on the fit-out and characteristics of each suite. I can’t speak for the new owner’s anticipated rates,” he adds.

Fair Oak LLC sold West Meadows Business Park, a five-building complex on 12.8 acres with an aggregate of 153,915 sf, for just shy of $6.7 million, or $43.21 per sf. “The buildings were constructed between 1988 and 1990,” Tourtellotte says, “and were 68% occupied at the time of the sale.” Current rent rates range between $3.50 per sf and $9.50 per sf.

“There was substantial interest in these assets from a mix of regional and national investors,” says Tourtellotte. “They’re well-located and maintained and positioned to take advantage of the improving market conditions through lease-up of remaining vacant space.”

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