Parkway Properties Office Fund L.P. purchased a 206,000-square-foot office property in Schaumburg, Ill., for approximately $28.3 million.
Chatham Centre, located in Chicago’s Northwest Suburban office market at the southeast intersection of the Northwest Tollway (I-90) and Roselle Road, is an 11-story office property constructed in 1989 and includes 288 parking spaces in an adjacent parking structure, with an additional 309 surface parking spaces. The building was 89.6 percent leased at the time of purchase.
The buyer expects to spend an additional $1.7 million for closing costs, building improvements, leasing costs and tenant improvements during the first two years of ownership.
The Parkway Properties Office Fund L.P. is a $500 million discretionary fund formed in July 2005 for the purpose of acquiring high-quality multi-tenant office properties in Houston, Phoenix, Atlanta, Chicago, Charlotte, Orlando, Tampa/St. Petersburg, Ft. Lauderdale, Jacksonville and Memphis.
