Griffin Capital acquired Washington Pointe, a 163,623-square-foot office building in Naperville, Ill., on behalf of 28 individual investors who were completing 1031 tax-deferred exchanges.
The value of the transaction was $37.5 million.
The Opus Group, which developed the property in 1999, sold it at 100 percent occupancy, according to a press statement. The tenants include Millward Brown and Concentra Preferred Systems, which collectively lease 93 percent of the building; Smith Barney, which leases 5.8 percent; and a first-floor cafe, which occupies the remaining space.
Washington Pointe is Griffin Capital’s second tenant-in-common transaction in the Chicago region. In January 2005, the company sponsored the acquisition of a 700,200-square-foot warehouse distribution center for $24 million in Monee, Ill. — 25 miles south of Chicago.
Los Angeles-based Griffin Capital is a privately owned real estate company.