Bradford Allen To Buy Suburban Office Campus In $75M Deal
Class-A suburban office campuses continue to attract investor interest and activity. The latest campus changing hands is Tri-State International Office Center in Lincolnshire. The investment division of Bradford Allen has agreed to acquire the 559K SF campus from Principal Real Estate Investors for $75M, according to Crain's Chicago Business.
Principal bought the five-building campus in 2013. CDW moved its HQ to Lincolnshire last year and Principal built a new parking deck to accommodate the move, which gives the campus a parking ratio of 4.3 cars per 1K SF. The remaining buildings are 20.7% vacant and are home to tenants including Solo Cup, Wells Fargo, LTD Commodities and NEC. The average remaining lease term is 7.8 years; CDW's lease runs through November 2028.
Tri-State International Office Center's vacancy rate is better than the 28% average for the north suburban office market. A contributing factor to the campus' success is its accessibility to the Tri-State Tollway and Half Day Road, which sees a combined 187,000 vehicles pass by daily. HFF marketed the property on behalf of Principal.