Breaking NewsGlobeSt.com will be offline for scheduled maintenance Friday Feb. 26 9 PM US EST to Saturday Feb. 27 6 AM EST. We apologize for the inconvenience.

 
X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Read more on the TIC market.)

EVANSTON, IL-Triple Net Properties LLS, based in Santa Ana, CA, has acquired the Church Street Office Center at 1007 Church St. The acquisition was made on behalf of tenant-in-common investors. Triple Net purchased the property from Chicago-based Church Street Office Center, which will be retained to manage the building, says Dan Prosky, managing director for healthcare properties.

The sales price was not disclosed; however, similar buildings have sold for about $16 million. The buyer was represented by Jeff Frankel, with NorthMarq Capital.

The eight-story building has a total of 153,000 sf. The building was completed in 1984 and is currently 93% leased, Prosky says. However, Triple Net just approved a new lease that would bring the occupancy rate to 98%, he says. Since a lease has not been signed yet, Prosky declined to give information regarding the new tenant or lease.

Current tenants in the building include Solucient, Fluent Inc. and Northwestern University. The asking lease rate is between $15 per sf and $16 per sf net, Prosky says. The building also has a parking garage with 307 spaces and 45 additional parking spaces in an adjacent lot.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.