Prairie Glen
Chicago, Illinois
During October 2019, Property Income Advisors, Inc. acquired Prairie Glen, a 115,626 square foot Class A, multi-tenant office property located within the ‘inner ring” of Chicago’s suburban office market. The four-story property was acquired for $16,800,000 or $145/SF.
Located at 2700 Patriot Boulevard in Glenview, Illinois, Prairie Glen was constructed in 2001. With flexible floor plans, the property can accommodate tenants ranging in size from 1,000 square feet to full floor users of just under 30,000 square feet. The property is conveniently located in close proximity to the Chicago O’Hare International Airport and with easy access to Expressways I-94 and I-294. At closing, the property was 96% occupied. Tenants located at Prairie Glen include Sure Payroll, Regus, Teletrac Navman, YKK and Morgan Stanley.
Acquired on behalf of a Gulf-based private investor, this investment will generate strong current income and also provide the potential for an above-average capital gain as the lease expirations are addressed over the holding period. The price per square foot is significantly below replacement cost and this low basis will help to limit downside market risk.
Responsibilities: Acquisition, Financing and Asset Management