SCHAUMBURG – A joint venture between Clear Height Properties and Harbert United States Real Estate Fund VII has acquired the Plumwood Tech Center at 1201 E. Wiley Road in Schaumburg.
The one-story office building totals 65,767 square feet and is currently 70% leased, Oak Brook-based Clear Height Properties said. Tenants include Key Code Media, SKC Communication Products, Rexel USA Inc and Strategic Mobility Group.
Details of the purchase price and the seller were not disclosed. Clear Height said it will launch a capital improvement effort to convert the currently vacant space from heavy use of offices to a more traditional industrial flexible space, believing that the demand for this type of space is more robust. .
The company was drawn to the building in large part because of its location with visibility to the freeway and good access to and from the surrounding area for tenants, the investment group said.
âWith these and other features, Plumwood Tech Center fits well into the existing portfolio of well-located multi-tenant industrial / flexible space that we have recently created with our partner, HUSREF VII,â said Tom Seurynck, vice-president. president of asset management and acquisitions at Clear Height.