Tri-State Realty Arranges Sale of Office Buildings and
Land at
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Gurnee, Illinois – Gurnee-based commercial and industrial real estate firm Tri-State Realty announced the sale of three vacant land sites totaling 16 acres and five single-story office buildings totaling 212,500 square feet at Grand Tri-State Corporate Centre, 1025, 1075, 1125, 1175 and 1225 Tri-State Parkway at the Grand Tri-State Business Park in Gurnee, Illinois to Oakbrook based CenterPoint Properties. Tri-State Realty’s President Robert Elbrecht, exclusive agent for the park since its inception in 1987, represented the T.R.L.P. group in the sale of the properties. CenterPoint Properties Senior Vice President Michael Murphy represented his company in the property acquisition. Tri-State Realty will continue co-leasing the office buildings and is exclusive agent for the vacant land on behalf of CenterPoint Properties. The acquired properties are located at the southwest corner of Interstate 94 and Illinois 132 (Grand Avenue) in Gurnee, Illinois. Asking price for the property was approximately $20 million. “This has been a very successful development due to a number of factors”, says Tri-State Realty executive Robert Elbrecht, “CenterPoint’s excellent reputation for high-quality ownership and property management, a convenient location between Chicago and Milwaukee at the Route 132 (Grand Avenue) and I-94 interchange in Gurnee, which provides an easy commute for most employees, and reasonably priced single-story office space. CenterPoint’s new acquisition is strategically located north of and adjacent to CenterPoint Business Center– Gurnee. “We are excited about the opportunity to grow our franchise in the I-94 Corridor,” said Michael Murphy, Sr. VP Development at CenterPoint Properties. “The velocity of development at CenterPoint Business Center– Gurnee has indicated a growing need for industrial and office space in Lake County, and we think the acquisition of the office buildings at Grand Tri-State Corporate Center and the vacant land within the Grand Tri-State Business Park is a natural extension of that demand.” CenterPoint is the largest owner, manager and developer of industrial real estate in metropolitan Chicago, with 22 branded business parks. The company and its affiliates own approximately 46 million square feet and 3,560 acres of land in the Chicago and southeast Wisconsin regional markets. More information about available office space and corporate sites for sale or build to suit land represented by Tri-State Realty can be accessed at www.tristaterealty.com/gtsbp or contact Robert Elbrecht at (847) 360-1375. 1225 Tri-State Parkway, Suite 500, Gurnee, Illinois 60031 http://www.tristaterealty.com/ Phone: (847) 360-1375 E-Mail: sales@tristaterealty.com
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