Forman Capital Closes $6.8M Acquisition Loan for Oak Brook Office Plaza
Forman Capital has successfully closed a $6.8 million loan for the acquisition of Butterfield Office Plaza, a distressed office asset located in Oak Brook, Illinois.
The deal was led by Forman Capital team members including Managing Partner Brett Forman, Partner Ben Jacobson, Chief Investment Officer and Partner Scott Mehlman, Vice President Ty Regnier, and Analyst Cam Fleury. The property was acquired by Chicago-based GTZ Properties for under $9 million.
Butterfield Office Plaza comprises a four-building office campus totaling 308,921 rentable square feet situated on 17 acres of land. GTZ Properties’ managing partners, Mitch Goltz and Jeremy Forman, have already secured leases for 30,000 square feet of office space and are currently in negotiations with a major retailer regarding a comprehensive redevelopment of a portion of the property.
As part of the redevelopment strategy, existing tenants will be consolidated into two buildings totaling 95,511 square feet, while the remaining two buildings will be redeveloped.
Brendan Reedy of MidAmerica is marketing the property, and Matt Tarshis of Frontline Real Estate brokered the transaction. Tarshis will also continue to handle the property’s management.
