Joseph Dvorak, executive vice president with Colliers Bennett& Kahnweiler's Office Advisory Group, represented the seller.Odie Fakhouri, with Bradford Allen Realty Services, representedIron Horse Partners. The asking price for the property was $5.4million, Dvorak says. Dvorak would not disclose the sales price butsources pegged it at $4.6 million. A cap rate was notdisclosed.

The building, which was constructed in 1974 and renovated in1998, is located near the four-way interchange on Arlington HeightsRoad for I-90. Rob Wal Investments had owned the building for abouttwo years and sold it because of high vacancy, Dvorak says. Thebuilding is currently 50% occupied.

Tenants include LaSalle Bank Wealth Management and State FarmInsurance. There is also a LaSalle Bank drive-through location atthe building, Dvorak says. The asking lease rate at the time of theclosing was in the "low $20's, gross," he says. Iron Horse Partnersplans a complete renovation of the building, including an upgradeof the common areas, lobby and a complete renovation of two fullfloors occupied by previous owner Arlington Hospitality, Dvoraksays.