Update: HFF announced the sale and acquisition financing of this property on January 11, 2018. For a listing of current avialble commercial real estate investment sales listings, please click here.
Holliday Fenoglio Fowler, L.P. (HFF), on behalf of the owner, is marketing for sale Central Park of Lisle, a trophy office complex located in the prestigious western suburbs of Chicago in Lisle, Illinois. Prominently situated adjacent to the interchange of U.S. Interstate 88 and Naperville Road, the office property for sale comprises two buildings totaling 656,301 rentable square feet (RSF) in addition to a land parcel. The property features an enviable roster of 32 office tenants consisting of world renowned corporations, publicly traded companies and headquarters operations befitting a trophy office complex such as Central Park of Lisle.
Central Park of Lisle is situated at 4225 Naperville Road and 3333 Warrenville road at the approximate boundary of Naperville and Lisle, two of the Chicago's most desirable suburbs for working, shopping and living. Respectively named to Money Magazine’s prestigious “Best Places to Live in America” list, Naperville and Lisle offer picturesque public spaces, a wide range of executive and affordable housing stock, prime connectivity and plentiful retail amenities. Central Park of Lisle is conveniently situated nearly equidistant from downtown Naperville and downtown Lisle, providing tenants easy access to the combined offerings of both prestigious communities. Additionally, the suburban office complex for sale is located in the East-West Corridor submarket, which contains the highest concentration of suburban office space in Chicago. As the largest suburban submarket, the East-West Corridor is often bifurcated into eastern and western halves with Interstate 355 serving as the approximate boundary line.
Included in the offering is Central Park of Lisle Phase III, an approximately 7.5-acre land parcel prominently situated adjacent to Interstate 88 and the existing Central Park of Lisle office development. The site’s highly-desirable location offers prime visibility from Interstate 88 and is zoned for Office Research & Planned Unit Development. Central Park of Lisle Phase III provides investors the ability to accommodate growing office tenant demand well into the future as well as near term single tenant build-to-suit requirements. Alternative complementary uses may also include restaurants, hotels, data processing centers, medical research and clinics and laboratories.
The commercial property for sale is currently 86 percent leased with 6.5 years of remaining weighted average lease term (WALT). The property features an impressive rent roll with more than 40 percent of the occupied office RSF leased to credit tenants, including three of the complex’s five anchor tenants, which in total represent more than 45 percent of the total RSF and eight years of WALT. Central Park of Lisle offers investors a core-plus investment profile with value-add return profile and strong cash-on-cash yields.
For more information on Central Park of Lisle or other office properties for sale in the Chicago area, please contact Bryan Rosenberg or Patrick Shields in HFF’s Chicago office. For financing inquiries, please contact Christopher Carroll or Trent Niederberger. To view HFF’s current real estate investment listings, please click here to be directed to HFF’s property search page.