|Price/Rent PSF||$ 3,000,000.00|
|SQ. FT. Available||75,998|
Waukegan Business Center is located in the heart of the downtown district one block from the original Lake County Courthouse, a half block from the new courthouse expansion and within walking distance to numerous restaurants and the Metra Station. Waukegan Harbor draws visitors from around the area for its festivals and easy access for boaters. The nearby Genesee Theater hosts a wide range of shows including national touring acts and performers. A new Dunkin Donuts was built across the street from the Property and highlights the growth and appeal of the downtown area to national retailers.
The Property consists of a two-story, plus functional lower level with atrium, multi-tenant office building totaling 75,998 square feet in downtown Waukegan that is approximately 54.4% leased. Waukegan Business Center is a value-add offering that allows investors the opportunity to purchase an asset well below replacement cost that benefits from cash flow from current tenants and still has tremendous upside with the amount of available units, many of which can be leased with new paint and carpet.
With completion by the end of 2018, the $110 million expansion of the Lake County Courthouse will add 200,000 square feet of additional court room space and upgrades to the existing courthouse building. Plans for the expansion call for a state-of-the-art, eight-story office tower and twelve new court rooms. An underground tunnel connecting to the adjacent Babcox Justice Center will be constructed to allow for secure and efficient transfers between the two buildings.
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