Romanek Properties acquired two office buildings totaling more than 128,000 square feet in Champaign, Ill.
The total purchase price for the buildings was approximately $22 million.
Included in the acquisition are properties located at 1901 and 2001 S. First St., which were approximately 88 percent leased at the time of sale. The building at 1901 has 63,625 square feet of office space and the building at 2001 totals 64,483 square feet.
The properties, developed in 2000, are located within the Champaign Research Park, a 200-acre master-planned office and research development located on the University of Illinois’ main campus. Among the tenants at the time of sale were State Farm Insurance, Caterpillar Inc., SAIC, the University of Illinois and Turner Construction.
“We’re adding to our portfolio in Champaign because we’ve found the market there to be very stable. It’s a great community, not just because of the University, but also a great place for business,” Peter Holstein, investment director, Romanek Properties, said. “This acquisition brings our holdings in Champaign to some 350,000 square feet of class A properties, both office and retail.”
Romanek Properties is a Chicago-based real estate investment and development firm founded in 1959.