During Bisnow's The Future of the West Suburbs and Beyond event Tuesday, GlenStar Properties' Michael Klein said the deal to keep an eye on was the sale of Columbia Property Trust's seven suburban office holdings. Yesterday, Columbia announced the sale of 11 office properties totaling over 2.9M SF to Lone Star for $433.3M. The bulk of those are in the suburbs: 215 Diehl Rd, Naperville (pictured); 544 Lakeview Pkwy, Vernon Hills; 3333 Finley Rd, Downers Grove; 2355 Waukegan Rd, Bannockburn; 3010 Highland Pkwy, Downers Grove; and 2650 Warrenville Rd, Downers Grove.
Columbia announced its intention to sell the assets during its year-end earnings report and marketed the properties in Q1. The sale transforms its portfolio to 77% multi-tenant and 81% CBD/urban infill. Columbia president/CEO Nelson Mills says the sale is in line with expectations, and he's confident the pending sales of three more properties will put Columbia within its expected range of $500M to $600M. One of those properties is 263 Shuman Blvd in Naperville (pictured), which is currently 100% leased to OfficeMax/Office Depot. That sale is expected to be completed next year.
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