OAK BROOK, IL-An investment fund sponsored by Trammell Crow Co., based in Houston has purchased the vacant three-story office building at 814 Commerce Dr. Wrightwood Capital, based in Chicago, provided $20 million to acquire and reposition the office building. The building has more than 169,000 sf and was sold for $80 per sf, Wrightwood regional director Cheri Grossman tells GlobeSt.com, making the sales price at least $13.5 million. The seller of the property is Chicago-based GlenStar Properties LLC, Grossman says.

The building was constructed in 1972 with several renovations in the 1990′s. A two-level parking garage was included in the sale, Grossman says. The property also has surface parking. Trammell Crow plans to renovate the lobby, upgrade the common areas and will renovate the building from a single-tenant facility to a multi-tenant facility, Grossman says. The cost of the renovations will be “a couple of million dollars” and will turn the property into a “B+ asset,” she says. Renovation work has already started.

GlenStar purchased the property in 2004 from Prudential Insurance Co. of America, based in Newark, NJ. The property was reportedly sold for $12.5 million in 2004. Prudential leased 60,000 sf after the sale before moving fully out of the building soon after, Grossman says.

The financing from Wrightwood Capital is a bridge loan. Grossman would not disclose the term of the loan but said that the bridge loans typically have a term of between two and three years. The interest rate was not disclosed. Grossman said the property is located at eastern end of the East-West Corridor, which has typically performed better than the rest of the submarket. The building is located directly east of the Oakbrook Center shopping mall, she says.

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