330 EAST MAIN STREET, Three-Story, Class A Office Building
330 Main, LLC (“330”) owns a three story Class A elevator building located at 330 East Main Street in downtown Barrington across the street from the Barrington Metra Station and within walking distance of retail, restaurants, and service providers in downtown Barrington. This is a classic transportation oriented development (TOD). The property is comprised of approximately 13,000 square feet, 16 heated underground enclosed parking spaces, 16 exterior surface parking spaces and 8 on-street parking on two adjacent streets. This is the only office building in downtown Barrington with heated underground parking. The building has two excellent tenants on the first floor, the Barrington Eye Care Center and Advanced Eye Care. The second floor is an executive suites floor with 18 suites, a conference room, central reception area, and business equipment area. The third floor is leased to Barrington Wealth Management which commenced on February 1, 2013 and has a firm term of 5 years with renewal options for another 10 years. 330 East Main Street is a strong competitor in the marketplace and a great working environment.
The building is currently 98% leased and is one of the premier buildings in Barrington. The building tenants include lawyers, financial advisors, sales organizations, medical professionals such as psychologists, and service providers.
The building has recently undergone an enhancement program including the following:
- Lighten, re-stain, and protect the cedar siding of this concrete , brick and wood structure
- Repainted the common areas
- Installed new first, second and third floor lobbies
- Enhanced the interior and exterior signage
- Replaced the HVAC system on the first and third floor.
- Provided new lighting throughout the building to a more contemporary look.
- Seal and stripe the outside parking lot
REGENCY OFFICE PARK
Class A Office Building Condos
GIP purchased 14,600 square feet of Class A office space and two building-ready pads in the Regency Office Park, a beautiful office campus with park-like landscaping, 4 existing buildings, two building-ready pads, and ample parking. The common area interiors are high quality with both wood paneled and granite wainscoting in the extra wide corridors, two story vaulted ceilings, communal washrooms with high quality finishes and fixtures, and building standard, wood paneled suite entrances. Since the acquisition in December, 2012, 10,000 square feet of the space has been sold.
MOKENA OFFICE BUILDING
Class A Office Building
18861 S 90th Avenue is a 52,484 sf single story office building located in Mokena, IL. This property was purchased from a bank in December 2013 and is situated on 5.1 acre lot in the 250 acre mixed-use Corporate Corridors of Mokena Business Park. The property is currently 87% leased and occupied by Walgreens health care administration group, Zenith American Solutions, and Chicago Franchise Systems (Nancy’s Pizza and Al’s Italian Beef). The building cost approximately $9 million to develop, was purchased for $6.68 million and generates significant cash flow after debt service on the 10 year fixed rate loan.
28373 Davis Parkway is a 7,651 sf single story, multi-tenant office building located in Warrenville, Illinois. The property is located within the meticulously maintained Cantera Lakes development and enjoys adjacencies to multiple professional service firms and medical practices. Completed in 2005, this prairie style office building is constructed with concrete block and steel frame construction and finished with attractive brick and limestone accents. The property is bounded to the north by Lund Lake, to the west by wetlands, and to the south by forest preserve. Virtually every office has a view of the natural surroundings providing owners and employees the opportunity to enjoy the outdoors year round. The property is approximately 60% leased and was purchased through a bank sale for $845,000.
Randall Commons, Class A Office Building
Gateway Investment Partners owns two (2) office/medical condominiums at a purchase price that was significantly below both replacement cost and current market value. Specifically, the acquisition consisted of a 2,199 square foot unit and a 2,268 square foot unit which can also be combined to create a 4,467 square foot unit. The purchase price was $155,000 or $34.70/square foot.
GIP has agreed to lease approximately 2900 square feet to Kaneland Allergy Asthma Center. Tenant Improvements will begin shortly with occupancy beginning in July of 2016.