55% occupied single-story office complex with a total of 66,602 sf

Academy Office Court in Northbrook consists of four, inter-connected single-story Class B office buildings, totaling 66,602 rentable square feet on a 5.64-acre site, yielding a very strong parking ratio of 4.6/1,000.  The site is very well located north of Dundee Road with primary access from Landwehr Road.  Interstate access is from I-294 and Lake Cook Road to the north or I-294 and Willow Road to the south.  Multiple restaurants, hotels and retail amenities are close-by along the Dundee/Lake Cook corridor.  Academy Office Court presented an opportunity to acquire a well-maintained office asset with current cash flow sufficient to cover expenses on the property.  The property was only 55% occupied due to the death of the prior ownership’s primary decision maker and the lack of investment interest from the heirs to the portfolio over the past five years, leading to an unnecessary and completely avoidable erosion of value.   The property was acquired significantly below replacement cost – less than $30 psf versus reproduction costs more than $300 psf – in a market that will not support further speculative development on a comparable level of quality, which should ensure a permanent, competitive basis for years to come.  Ownership leased up approximately 10,000 sf in the first two months of ownership, bringing the overall occupancy to nearly 75%.  Aggressive leasing efforts continue as the Sponsors seek to stabilize the property to produce outsized returns to the Investors.