PC Construction Selected As Development Manager for 131,040 SF Industrial Development in Naperville
Podolsky Circle Construction Selected as Development Manager for Black Creek Group’s 131,040 SF Industrial Development in Naperville
Podolsky Circle CORFAC International is pleased to announce the sale and financing of 400 East Diehl Road (Naperville Financial Center) in Naperville, Illinois. The Podolsky Circle Middle Market Investment Advisory Team comprised of Managing Principal Alissa Adler, Principal John Homsher, CCIM, and Senior Vice President Paul Tesdal, represented the seller, SARA Investment Real Estate, in the transaction. The property sold to Gateway Investment Partners for $6,400,000. The Podolsky Circle team also helped source financing of approximately 70% loan-to-value on behalf of the buyer.
Naperville Financial Center is a five-story, 57,969 square foot, multi-tenant office property featuring covered parking, on-site storage, conference facilities and tenant balconies. Conveniently situated in the dynamic East/West corridor office market, the property benefits from its proximity just south of the Reagan Memorial Tollway (I-88) at the Southeast corner of East Diehl Road and North Washington Street. Naperville Financial Center is currently 97.2 percent occupied by 12 tenants ranging in size from 573 square feet to 17,836. Current tenants include Rhea+Kaiser, M/I Homes and Cargill, to name a few.
“The property offered the buyer an opportunity to acquire an asset that has been historically at least 95 percent leased due to the building’s dynamics, easy access to highways, transportation, and an affluent talent pool,” said Tesdal.
With offices in Madison, Milwaukee, Minneapolis and St. Louis, SARA Investment Real Estate attains, develops, leases, finances and manages high-quality properties throughout the Midwest. The firm provides commercial real estate wealth management solutions to select investors through a network of wealth management partners. SARA, founded in 1997, manages properties valued at more than $350 million.