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Hamilton Partners JV'd with Bailard and Milbrook Real Estate to buy Highland Pointe, a two-building, 388k SF office development in Lombard for $44M.
Located in the East-West Corridor, the two buildings at 333 E Butterfield Rd (pictured) and 373 E Butterfield Rd have struggled post-recession. Alliance Commercial Partners paid $59.5M for the complex in 2006 but turned over the property to its lender three years later, according to Crain's. JLL bought Highland Pointe through its LaSalle Income & Growth Fund in 2010.
At one point, Highland's vacancy rate was 33%. Now it's 88% occupied and the Hamilton JV is planning a $2.5M capital improvement program next year, focusing on replacing the elevators, renovating entryways, lobbies and the parking garages, and redesigned landscaping. [Crain's]
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