Rolling Meadows office building under new ownership
Published by Jamie on Wednesday, June 16 2010 at 11:22 PM
A small real estate firm in the northwest suburbs of Chicago won their bid for an empty office building located in Rolling Meadows, Ill. The former PepsiAmericas headquarters has sat empty since 2005, leaving a current balance of $31 million in loans.
Imperial Realty Group purchased the building for $4.5 million, 15 percent of what the loan is worth, according to Chicago Real Estate Daily. Plans to lease the open office space is the next step for the company, though it's going to be an admitted battle during the current office market slump.
"We have a 200,000-square-foot building to lease in an incredibly depressed market," said Imperial's president, Al Klairman. "What we are going to do is offer incredible leases in the short run to bring the building back to health."
If you are interested in leasing office aspace in the Chicago area, contact officebroker.com today for a list of availability.
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