Location:
1261-1295 Windham Parkway
Romeoville, IL
Buyer:
Steve Kersten
Seller:
Prudential Insurance Companies of Americ
Date of Sale:
11/15/06
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TRANSACTION SUMMARY:
The building was 91% leased when it was taken to market. During the marketing process two significant tenants announced they would not renew, causing the occupancy to fall to 31%. One of the tenants would owe a cancellation penalty.
Our team was able to keep competition between two buyers and our initial underwriting support suggested a short lease-up period. The transaction resulted in a sale price that exceeded the seller’s initial expectations. The combination of the cancellation penalty in a lease and our diligent underwriting helped limit the re-trade due to the loss in occupancy.
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