Fred Lewis And Dennis Cisterna Acquire Office Properties In Waukegan And Woodridge For $21M

The transaction involved the sale of two fully leased office properties in suburban Chicago, located at 1850 Norman Drive North and 7325 Janes Avenue, with a total sale price of $21,000,000. The combined square footage of the properties is 175,100, with a price per square foot of $120. The properties are situated in the Waukegan and Woodridge markets.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $21,000,000
• Address: 1850 Norman Drive North & 7325 Janes Avenue
• Buyer: Fred Lewis & Dennis Cisterna - Sentinel Net Lease
• Brokers: Harrison Wagenseil - CBRE; John Homsher - Colliers
• Market: Waukegan & Woodridge
• Asset square footage: 175,100
• Sale price per square foot: $120

Sentinel Net Lease acquired the properties via Sentinel Opportunity Fund I LP. The Waukegan asset, a 131,000-square-foot building, was purchased for $13.8 million from KDC Norman Woods Business Trust and is fully leased to Abbott Laboratories. The Woodridge asset, encompassing 44,100 square feet, was acquired for $7 million from multiple LLCs and is leased to V3 Engineering. Harrison Wagenseil from CBRE represented the seller of the Woodridge property, while John Homsher from Colliers represented the seller of the Waukegan property.