A fully leased data center and office property is up for sale outside Chicago, Illinois.
Real estate firm Marcus & Millichap are offering 545 E Algonquin Road in Arlington Heights as up for sale. The listing price is $13 million.
The Cook County property is described as a 111,665 sq ft (10,375 sqm) flex R&D/data center facility currently 100 percent occupied by two tenants. The site generates rent of $1.04 million annually.
“The purchase of this offering provides any investor with a stable and cash-flowing asset that has both credit and committed tenancy,” the company said in the sales brochure.
Sat on 5.5 acres, the single-story site was built in 1990. The site is 85 percent leased to product testing and certification company Intertek, which has been at the site since 2004.
The remaining 15 percent of the site is leased to GigeNet, a managed services provider that has been at the site since 2006.
Founded in 1999, GigeNet is a managed hosting provider offering dedicated, cloud, hybrid, and colocation hosting solutions. The company operates a 17,000 sq ft (1,580 sqm) data center out of the Arlington Heights site.
According to the sales brochure, the company executed its most recent lease on the site in June 2021, which is set to expire at the end of May 2028. It has three five-year rental options.
GigeNet also offers colocation services from data centers in Los Angeles, California, and Ashburn, Virginia.
The site was previously sold in 2018. Crystal Acquisitions paid $11.4 million to acquire the site from a joint venture between Biynah Partners and Alex Brown Realty (since renamed ABR Capital Partners). Alex Brown had acquired the site from ACG Equities for around $7 million a decade previously.
