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ARLINGTON HEIGHTS, IL-Iron Horse Partners, based in Chicago, has acquired a 57,000-sf office building at 2355 S. Arlington Heights Rd. The seller of the five-story building was Rob Wal Investments, based here.

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

The building, which was constructed in 1974 and renovated in 1998, is located near the four-way interchange on Arlington Heights Road for I-90. Rob Wal Investments had owned the building for about two years and sold it because of high vacancy, Dvorak says. The building is currently 50% occupied.

Tenants include LaSalle Bank Wealth Management and State Farm Insurance. There is also a LaSalle Bank drive-through location at the building, Dvorak says. The asking lease rate at the time of the closing was in the “low $20′s, gross,” he says. Iron Horse Partners plans a complete renovation of the building, including an upgrade of the common areas, lobby and a complete renovation of two full floors occupied by previous owner Arlington Hospitality, Dvorak says.

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