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updated: 6/4/2018 10:40 AM

NAI Hiffman announces sale of two properties

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  • NAI Hiffman in Oakbrook Terrace announced the recent sale of 8601-8623 W. Bryn Mawr Ave. and 8600-8622 W. Catalpa Ave.  in Chicago.

    NAI Hiffman in Oakbrook Terrace announced the recent sale of 8601-8623 W. Bryn Mawr Ave. and 8600-8622 W. Catalpa Ave. in Chicago.

 
Daily Herald Report

NAI Hiffman in Oakbrook Terrace announced the recent sale of 8601-8623 W. Bryn Mawr Ave. and 8600-8622 W. Catalpa Ave. in Chicago.

Jonathan Berger of Berger Asset Management LLC, purchased the office complex from AREI LLC with the plan to revitalize and reposition the asset. NAI Hiffman was the sole broker in the sale, which was completed through the NAI Hiffman team of Executive Vice President John Cash, Senior Vice President Art Burrows and Vice Presidents David Haigh and Steve Chrastka.

Jonathan Berger, no stranger to property redevelopment, brings passion and an innovative approach to repositioning and reinvigorating real estate assets. Most recently, his organization redeveloped a vacant 50,000 square foot building in Highland Park which is now occupied by Tesla Motors.

InterPark Corporate Center is a 12-building, 165,000 square-foot, single-story office complex situated on 7 acres, located in the O'Hare office submarket, that fell into foreclosure after an attempt was made to convert half of the site into a 400-unit apartment complex.

AREI retained the services of NAI Hiffman to manage the existing tenant base and sell the property, which at the time, was only 40 percen leased. In April of 2018, Berger acquired Interpark from AREI. Vice President Steve Chrastka and Senior Vice President Jason Wurtz of NAI Hiffman have been retained by the new owner to oversee the leasing efforts. "We have a unique opportunity to offer a tenant up to 80,000 square feet of space in a campus-like setting that is both in Chicago and steps away from the Blue line to O'Hare International Airport and downtown Chicago," says Vice President Steve Chrastka. "Single-story office parks don't typically focus on an experience or culture for its tenants. This ownership is going to change that by adding a fitness center, conference and lounge space, and bike share program. They want to create a unique workplace environment that all tenants from seasoned professionals to next generation millennials, will be proud to be in."

Berger is focused on the transportation opportunities of the location. "The site has tremendous access to expressways and public transportation, including the CTA Blue Line and several Interstates. There is a limited supply of options for companies to lower occupancy costs with the ability to offer a great work experience in the O'Hare submarket."