Podolsky|Circle Provides Advisory Services in Acquisition of Naperville Office Building
CP Highlands Fund Acquires 37,692 Sq. Ft. Building in Naperville’s Park Place Office Complex
CP Highlands Fund, LP, a newly formed Chicago area based commercial real estate investment fund, announced that it has closed on the acquisition of a 37,692 sq. ft. office building located within Naperville’s Park Place Office Complex.
The fund was established by members of Podolsky|Circle CORFAC International to capitalize on the current economic climate in generating above-market risk-adjusted returns for its investors through commercial property acquisition, tightly secured asset and debtor-in-process financing and the purchase of real estate backed mortgage notes. The fund focuses on the Chicago market, including southeast Wisconsin and northwest Indiana.
The 3-story building, located at 1755 Park Street in Naperville, IL, is currently 80% leased, with 8 tenants. It benefits from close proximity to I-88 and nearby amenities, and is attractive to small tenants looking for identity.
CP Highlands Fund has a capital improvement plan to update building automation systems, signage and other common spaces.
CP Highlands Fund purchased the asset from QCC Fund I, L.P., a fund originated and managed by Quarter Circle Capital, LLC. QCC Fund I, L.P. was a fund whose strategy was to acquire distressed or defaulted first mortgage positions with a loan-to-own strategy, or to buy real estate assets that were REO as a result of defaulted first mortgage positions. The Naperville building was one of two remaining assets in the fund.
Podolsky|Circle CORFAC International advised CP Highlands in the acquisition and financing. Transwestern advised the seller. Podolsky|Circle CORFAC International will be engaged as the exclusive leasing and management agent for the property.