CHICAGO – Transwestern Investment Group (TIG) today announces it acquired Corridors I and II in a joint venture with Soundview Real Estate Partners. The two office buildings total 299,792 square feet. Located in the historically strong western Chicago suburb of Downers Grove, the property was acquired by TIG at a significant discount to replacement cost.
TIG purchased the Corridors from a group of foreign investors who utilized CMBS debt in 2006 to acquire the property. In October 2010, the Corridors lost its two primary tenants, Verizon and Lucent. Unable to stabilize the property, the ownership eventually lost it due to foreclosure.
“This project is a good example of leveraging the power of the Transwestern family of companies,” said Collin Comer, managing director of acquisitions at TIG. “The services platform of Transwestern sourced this property and recommended it to TIG as a value-add opportunity, and Transwestern also performed extensive due diligence prior to TIG bidding on the asset.”
The Corridors is one of the few properties in suburban Chicago with the ability to provide more than 150,000 square feet of contiguous space with a 5 per 1,000 parking ratio. Upon acquiring the property, TIG launched a capital improvement plan to address deferred maintenance items and implemented an aggressive marketing plan to reintroduce the buildings to the market.
Transwestern Investment Group is an independent investment management affiliate of the Transwestern family of companies. TIG currently manages $750 million in institutional real estate investments on behalf of its discretionary and non-discretionary clients. TIG is a registered investment advisor.
ABOUT TRANSWESTERN INVESTMENT GROUP
Transwestern Investment Group is an investment advisor serving a broad range of investors through a diversified array of discretionary and non-discretionary investment vehicles. Our client-focused, relationship driven approach ensures our priorities are our clients' investment objectives. Trust, integrity and transparency are the cornerstones of our business. Transwestern Investment Group provides tactical investment management with an integrated operating platform through the Transwestern family of companies, which includes a diversified real estate services firm with 34 U.S. offices and a development company. For more information, please visit transwesterninvest.com.