Investment Highlights
- INVESTMENT-GRADE OFFICE BUILDING PRIMED FOR RE-TENANTING OR RE-DEVELOPMENT - Amazing location and a diverse labor pool is key for attracting and retaining talent. There has never been a time where amenities and catering to a younger labor force has been more pronounced. Chicago has the highest percentage of college graduates of the seven largest cities in the United States. The challenge for suburban employers is to provide a work environment that overcomes the obstacles that come with a younger labor pool commuting from Chicago. There is a clear flight to quality by tenants. The Property presents a great opportunity to cater to tenant needs and deliver amenities such as updated common areas and food service, collaboration areas, modern fitness center, and above standard parking.
- NORTHBROOK, TOP 10 WEALTHIEST COMMUNITIES IN CHICAGO MSA, OFFERS AN EDUCATED WORK FORCE, UNPRECEDENTED AMENITIES AND EASY ACCESS TO HIGHWAYS - Northbrook is a thriving community and home to several corporate headquarters, an upscale mall, a charming downtown, and several public transit resources. Northbrook’s robust commercial and industrial districts can be attributed to its geographical location of being east of the Tri-state (I-294) Tollway and west and south of Interstate I-94. The retail sector is anchored by the 1-million SF Northbrook Court mall, 417,000 SF Willow Festival shopping center and 335,000 SF Village Square shopping center. In addition, the Village is host to a variety of large employers including Astellas Pharma, Underwriters Laboratories, Crate & Barrel and many more. Companies seek out the location due to its proximity to highways and proximity to executive housing.
- QUALIFICATIONS FOR C-PACE FINANCING ON ELIGIBLE IMPROVEMENTS WILL ENHANCE RETURNS - Commercial Property Assessed Clean Energy (C-PACE) has become a valuable tool for owners and developers. The program enables up to 100% long-term, fixed-rate financing for energy efficiency, renewable energy, resiliency, water use and electric car charging building improvements on existing buildings or new construction. Private capital funding is secured by a special assessment lien on the property and is repaid as a line item on the property tax bill. In addition, if allowed by leases, the C-PACE assessment can be passed through to tenants and transfers upon sale to the next property owner. With the enormous redevelopment potential at the Property, C-PACE will be an invaluable part of enhancing returns and sustainability.
The adjacent property is also available for purchase in the November 16th Auction Event. Total acreage for the two assets is 18.13, and zoning permits industrial as-of-right. Please see Link to the other deal: https://rimarketplace.com/auction/1372/reo-sale-class-a-office-176-621-sf-north-suburban-chicago
Property Overview
The Colliers | Chicago Office Capital Markets Team has been retained as the exclusive agent for the sale of 2211 Sanders, Northbrook, Illinois (“the Property”). The Property is comprised of a ten-story office building totaling 195,116 square feet. The Property was the former regional headquarter for CVS and is currently vacant. It represents a unique opportunity to acquire an institutionally owned and maintained asset with tremendous access and visibility from I-294. Floorplates of approximately 19,500 square feet offer a multitude of options for dividing the space. The central core configuration is conducive to open plan configurations with exceptional window line.
