Wylie Capital And Avgeris Acquire 72-Acre Vernon Hills Business Complex For $30M From Consolidated Hospitality Supplies

A 72-acre business complex in Vernon Hills has been sold for nearly $30 million. The property, located at 100 Milwaukee Avenue, includes a vacant 208,000-square-foot office building and a lightly used 257,000-square-foot industrial warehouse. The sale price translates to a cost of $65 per square foot.

Summary of transaction details

• Property Type: Office
• Transaction Amount: $30,000,000
• Square Footage: 465,000
• Address: 100 Milwaukee Avenue
• Market: Vernon Hills

Consolidated Hospitality Supplies has sold the business complex to Wylie Capital and Avgeris and Associates. Led by Jason M. Simon, Wylie Capital partnered with James Avgeris to acquire the property. Tom Lynch represented Consolidated Hospitality Supplies in the deal.

The acquisition comes in response to the high vacancy rate of nearly 30 percent in the suburban office market. With potential plans for redevelopment, the new owners aim to address the market's challenges and make the complex more attractive to potential tenants.