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

The Burritt Building is a five-story office building withapproximately 31,189 sf of net rentable area. The building wasconstructed in 1914 and renovated in 1999, which included work onthe elevator, lobby and four-story atrium. New heating, airconditioning and security systems were added to the building duringthe renovations in addition to fiber optic and globalcommunications capabilities, according to marketing materials fromEssex for the property.

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