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ELGIN, IL-Chicago-based Inverbrass has acquired the Burritt Building at 23 S. Grove St. The sales price was $4 million. The seller was Gebavi Property Investments, based in Lincolnwood, says Doug Imber, president of Essex Realty Group.

Matt Welke, with Essex, represented the seller. Welke and Doug Fisher, also with Essex, represented the buyer. The cap rate for the sale was 7%, Imber says. Village Bank and Trust, in Arlington Heights, provided the financing for the transaction.

The Burritt Building is a five-story office building with approximately 31,189 sf of net rentable area. The building was constructed in 1914 and renovated in 1999, which included work on the elevator, lobby and four-story atrium. New heating, air conditioning and security systems were added to the building during the renovations in addition to fiber optic and global communications capabilities, according to marketing materials from Essex for the property.

The property has a current net operating income of $278,576, according to marketing materials from Essex for the property. The building has a 19% vacancy rate, Imber says. Current tenants include Akina’s Restaurant, Capital Banc, Nationwide Acceptance, Blue Egg Communications and architectural planning firm BCA. The average rental rate is $12.65 per sf, according to marketing materials for the property.

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