HIGHLAND PARK -- Berger Asset Management recently sold the commercial building at 1200 Old Skokie Valley Road in Highland Park -- commonly known as the Tesla Building -- to a private investor from Hawaii.
Terms of the sale were not announced.
The Tesla Building is a two-story building totaling approximately 52,000 square feet of space. The building is known for a Tesla auto sales and service business, which occupies approximately 32,000 square feet. Bystol Performance Center, a sports performance and personal training firm, is also a significant tenant in the building and occupies approximately 20,000 square feet.
"This was an interesting and dynamic redevelopment opportunity," said Jonathan Berger, the founder of Berger Asset Management. "While one of our original concepts was a self-storage development, the interest from and opportunity to work with Tesla ultimately made the most sense and created the most value for our investment."
Berger Asset Management originally completed three different acquisitions from unrelated parties to form the property as it exists today. Tesla and Bystol Performance Center completed its respective leases in 2014.
Joshua Silverglade, of The Equitable Group of Companies, represented Berger Asset Management in the transaction.