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GlenStar Properties consolidated ownership of Bannockburn Lakes, a Class-B office campus in suburban Bannockburn, with the acquisition of Bannockburn Lakes V at 2121 Waukegan Road. The sale price was not disclosed.
The sale puts the 528K SF campus under single ownership for the first time in the property's 30-year existence. GlenStar partnered with Walton Street Capital to buy the other four buildings in a $27M deal two years ago. Three of the buildings in that sale were in foreclosure after the previous owner, Keystone Financial Group, failed to pay a $51M loan.
GlenStar spent $10M to bring the other four buildings back to Class-A status, and plans to improve common areas, restrooms, lobbies, exterior drive-up, landscaping and parking lots at Bannockburn Lakes V. But the campus' biggest amenity is its direct connection to the Lake County Forest Preserve trails. GlenStar Managing Principal Michael Klein said this makes Bannockburn Lakes unique in the market.
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