Less than two months after the state announced Medline Industries' plans to add at least 200 jobs in Lake County, the medical supply distributor has somewhere to put them.
Mundelein-based Medline paid $17.2 million Jan. 20 for the former Aon Hewitt office campus at 90, 98 and 100 Half Day Road in Lincolnshire, Lake County records show. It acquired the property from Oak Brook-based Retail Properties of America.
The three-story structures, which total 269,000 square feet, have been empty since Aon Hewitt finished moving its workers there to its nearby headquarters at 4 Overlook Point in Lincolnshire last year...COUNTY VACANCY
The deal removes unused space from Lake County, whose 24.1 percent overall vacancy was above the Chicago suburbs' overall 22.6 percent vacancy during the fourth quarter, its lowest level since 2008, according to Chicago-based Jones Lang LaSalle. Lake County's vacancy trailed only that of the northwest suburbs and the western east-west corridor, both at 26.1 percent.
Medline paid less than a third of the $62.4 million Retail Properties paid for the Lincolnshire property in 2005. Retail Properties, then known as Inland Western Retail Real Estate Trust, also bought nearby 4 Overlook Point for $78.8 million in 2005.
Inland Western sold the property for $148 million in 2012. The property's value rose when Aon Hewitt's parent, insurance brokerage giant Aon, signed a 12-year lease extension for the consolidation into 4 Overlook Point. At the time, that deal represented the highest price for a suburban office sale since the recession.
In both sales, Retail Properties was represented by CBRE Executive Vice President Paul Lundstedt. Medline was represented by Joe Learner, executive vice president and director in the Chicago office of Savills Studley...Campus purchase lets Medline blanket Lake County
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