Shafer Court deal tops $119 a square foot

Illinois space nearly half vacant at closing

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GERA 6400 Shafer LLC, a subsidiary of Grubb & Ellis Realty Advisors Inc., has acquired a 180,000-square-foot office building in Rosemont, Ill., for $21.5 million. The property, 6400 Shafer Court, is located less than a mile from Chicago O'Hare International Airport. F/B 6400 Shafer Ct. (Rosemont) LLC sold the asset 56 percent leased. The subsidiary's plan is to hold the property for future sale to Grubb & Ellis Realty Advisors Inc., according to a press statement, although no sales arrangement currently exists, and the transaction would have to be approved first by Realty Advisors' board of directors and stockholders. ...