A Chicago-based developer has sold a suburban life-sciences building for $5.4 million.
A sale closed May 30 for the 37,000-square-foot property at 2375 Cabot Drive in Lisle. It is fully occupied by the Water Quality Association.
The nonprofit WQA signed a 12.5-year lease in 2020 that includes annual rent escalations between 3% and 4.5%, said Jason St. John with Greenstone Partners, who represented the seller and buyer in the transaction. The tenant also invested millions of dollars to help upgrade the space.
According to the Cook County Clerk’s Office, the property was previously owned by 2375 Cabot LLC, which sold the building to a private investor.
“WQA is clearly there for the long haul [after] over $5 million between both tenant and landlord in tenant improvements, capital expenditures and upgrades,” St. John said. “This does not include the costly lab equipment.”
He added that WQA and its investment in the space result in the type of tenancy that lasts for decades.
“To move is cost prohibitive, and this investment keeps the tenant sticky for years to come. Life-science and medical [buildings] are in high demand given the investment that these tenants put into their spaces,” said St. John. “They are typically highly dedicated and specialized uses.”