Naperville Office Building Changes Hands In $6.4M Deal
Investor interest in office real estate along the far reaches of the East-West corridor is picking up steam. Gateway Investment Partners acquired Naperville Financial Center, a five-story office building at 400 East Diehl Road, for $6.4M.
The seller is SARA Investment Real Estate, which acquires, develops and manages properties across the Midwest. The 58K SF property was 97.2% leased at the time of sale and features amenities including conference rooms, tenant balconies, on-site storage and covered parking. The building benefits from its location just south of Interstate 88.
Podolsky Circle CORFAC International's Alissa Adler, John Hamsher and Paul Tesdal represented the seller, and helped source financing on behalf of the buyer at a 70% loan-to-value ratio.
Naperville Financial Center is the second notable office deal in the western suburb in the past month. Franklin Partners acquired OfficeMax's former headquarters and plan to redevelop the building into an amenity-rich, multi-tenant building.
