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One of the southwest suburbs' signature office assets has traded. Middleton Partners acquired Tallgrass Corporate Center, a 533k SF office complex in Bolingbrook, from Equus Capital Partners for $67M.
The sale joins the flurry of strong eight-figure suburban office sales in recent months, but stands out in an I-55 submarket dominated by industrial real estate activity. Tallgrass accounts for nearly half of the Class-A office space in the Bolingbrook market. It's 100% leased; the overall occupancy rate in Bolingbrook is 85%.
Middleton founding principal Mitchel Greenberg says the firm loves the building's tenant mix. Tallgrass is the HQ for ULTA Beauty, which recently expanded its footprint to 267k SF. Other tenants include Presence Health (104k SF), Quad Graphics (71k SF) and AMITA Health (70k SF). The average remaining lease term is 7.4 years. Equus implemented an $18M capital improvement program during the sale's hold period.
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