Podolsky|Circle Provides Advisory Services in Acquisition of Naperville Office Building

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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.