Suburban Chicago offices listed

Real Estate Alert, June 2, 2004

A Prudential Real Estate Investors partnership is offering an office complex in suburban Chicago that is likely to fetch about $35 million.

The 200,000-square-foot property, called Lakeside Point 1&2, is located in the 432-acre Amhurst Lake Business Park in Waukegan, Ill., midway between Chicago and Milwaukee.

The pair of three-story buildings is fully leased by Abbott Laboratories, a medical-products manufacturer that has a double-A credit rating. That should make it attractive to institutional players, as well as operators and private investment firms. Abbott's commitment to the property is reinforced by the fact that its headquarters is a mile away in the Abbott Park complex. A number of Abbott's vendors lease space near Lakeside Point.

The complex is located at 1615 South Lakeside Drive, in the Lake County/Southern Wisconsin sub-market, near Interstate Highway 94. The buildings, which were constructed in 1990 and 1998, each contain about 100,000 sf. Lake County's real estate taxes are more than 50% less than in neighboring Cook County.

Prudential and its partner, Panattoni Development of Sacramento, bought Amhurst Business Park, along with three other business parks in suburban Chicago, from AMLI Commercial Properties Trust in 2001.

HI Group has the listing. For more information, e-mail Steve Jackson at jackson@higroup.net.