Dec
13
1 MSF Chicago-Area Office Complex Sells for $78M
ByPartners Long Wharf Capital and Hamilton Partners sold the two-building campus consisting of One Pierce Place and 500 Park Blvd. in Itasca, Ill., to a joint venture involving Balfour Pacific Real Estate Fund IV and Hamilton Partners.
Six years after acquiring One Pierce Place and 500 Park Blvd. in Itasca, Ill., Long Wharf Capital LLC and Hamilton Partners have sold the 976,000-square-foot office complex for $78.3 million. A partnership between Balfour Pacific Real Estate Fund IV and Hamilton Partners now own the Class A metropolitan Chicago property, which last traded in 2011 for $73.8 million.
“This was a prime example of a buyer acquiring high-quality suburban office product at a basis and yield that is unachievable in urban areas,” Bryan Rosenberg, director with commercial real estate and capital markets services provider Holliday Fenoglio Fowler LP, said in a prepared statement. HFF marketed the asset on behalf of the seller…
