Intercontinental Announces the Acquisition of One Lane Center on Behalf of U.S. Real Estate Investment Fund, LLC
Intercontinental Real Estate Corporation (“Intercontinental”), a national real estate investment, development and management firm headquartered in Boston, MA, announced the acquisition of One Lane Center located in Northbrook, Illinois. The investment marks the fifth acquisition on behalf of Intercontinental’s U.S. Real Estate Investment Fund, LLC (US REIF). The acquisition process was led by Steve Centrella, Director, Acquisitions at Intercontinental.
One Lane Center is a four-story Class A office building totaling 80,811 square feet located in prestigious downtown Northbrook, IL. Approximately six acres in size, One Lane Center is located in the North Shore area with access to the Edens Expressway, Tri-State Tollway, Route 68, and Tower Road interchanges. The property also benefits from the proximity to a variety of local restaurants and shops including the Northbrook Court Regional Mall. Currently 98 percent leased, the asset’s anchor tenants are LaSalle Bank/ABN AMRO and the Lane Companies. One Lane Center features an eight lane drive-up branch banking facility and an extensive deposit box vault area to accommodate the needs of LaSalle Bank/ABN AMRO. The balance of the building is leased to local service providers such as attorneys, financial planners, and tax advisors. Due to its strategic location, the asset has demonstrated an above-market tenant retention history.
“The acquisition of One Lane Center offers Intercontinental the opportunity to acquire a highly competitive asset in an exceptional location. The asset has experienced strong leasing momentum over the past several years and currently offers a stable tenant roster. We are excited to become a member of this prominent downtown neighborhood,” commented Peter Palandjian, Chairman & CEO of Intercontinental.
US REIF is seeking investments in yield-driven real estate, diversified by geography and product type. The fund’s primary focus is on assets which provide stable and predictable cash flow with an opportunity of capital appreciation.
Intercontinental Real Estate Corporation is an SEC registered investment adviser and real estate operating company with expertise in real estate investment, development, construction management, and asset management. The company has developed, managed and owned over $4 billion in real property assets across all property types including commercial, mixed use, hotel, recreational and residential projects. Presently, Intercontinental manages a portfolio in excess of $1.7 billion for its clients.