CHICAGO – An affiliate of Next Realty, LLC is pleased to announce the acquisition of Arlington Executive Plaza, a medical and general office complex consisting of six, single-story buildings located at 3335 – 3385 N. Arlington Heights Road, Arlington Heights, Illinois.
The purchase price for Arlington Executive Plaza, the fourth acquisition for Next Realty Fund IX, LP, a fully diversified investment vehicle, was not disclosed.
The six buildings at Arlington Executive Plaza total approximately 62,500 square feet of space and are situated on more than 6.2 acres of land. The property is 90 percent leased by a diverse roster of tenants. Nearly half of the complex is occupied by tenants who specialize in medical related fields.
“Given the diverse nature of the tenant mix, the investment presents an opportunity to acquire a stable revenue stream and generate an attractive yield for our investors,” says Branko Kuzmanovic, Director of Acquisitions, Next Realty.
The largest tenant is Autism Home Support Services, Inc. (AHSS). AHSS is an autism center in Chicago which specializes in applied behavior analysis. In addition to two Chicagoland facilities for center-based care, AHSS is one of the largest in-home ABA therapy provider in the Midwest.
Other key tenants at Arlington Executive Plaza include:
- Cooperative Computer Services, is a provider of integrated automation system for 24 libraries located in the north and northwest suburbs of Chicago.
- Dawe’s Laboratories, is a manufacturer of feed fortifiers and vitamins for poultry, livestock, fish and pets.
- BACT Process Systems, Inc. is a designer, supplier and installer of air pollution control devices.
- Arlington Counseling Associates, Ltd., a clinical psychologist office.
- Dr. Kordas Pediatric Health, a pediatrician.
Available spaces at Arlington Executive Plaza range in size between 400 – 10,000 square feet. This, according to Kuzmanovic, provided an ongoing opportunity to capture a wide range of small-to-medium size tenants while at the same time shielding the property from the loss of a single tenant occupying a significant portion of the complex.
Arlington Executive Plaza is strategically located near the intersection of Arlington Heights and Dundee Roads and benefits from the dense communities of Arlington Heights and Buffalo Grove. The property includes beautiful, park-like landscaping, outdoor features and 246 parking spaces.
Tony Lombardo of PSI represented the Seller in the transaction. The acquisition was financed by Wintrust Bank.