CityPark
Creative Office with Multifamily Conversion Potential
Marketing description
The Colliers | Chicago Office Capital Markets Team as the exclusive agent for the Seller is pleased to present this investment sale opportunity for 250 Parkway Drive, Lincolnshire, Illinois as known as CityPark Corporate Center. (“the Property”) CityPark is a Class-A office asset featuring ample covered parking, exterior balconies, high ceilings and proximity to executive housing. The three-story office building was constructed in 2001 and is 70,004 square feet. This multi-tenant office building was formerly the home to Camping World’s headquarters, the Property attracts both corporate tenants as well as local tenants seeking an institutional image. The Property is located in a mixed-use development with shopping, restaurants, apartments and a hotel. Access to a full-interchange for Interstate I-294 at either Half Day Road or Deerfield Road only a short 8 minute drive.
Investment highlights
- POISED FOR RE-INTRODUCTION TO THE MARKET TO ATTRACT NEW TENANCY
The Property was the prior headquarters for Camping World until early 2024, when the tenant expanded and moved into their own corporate campus facility. The 26,000+/- square foot second floor has direct access to the parking garage and is now available for a variety of tenants sizes and is an ideal space for another corporate user. The unique lobby and common areas differentiate the Property from its competition and make for a more modern tenant experience. The second and third floors offer tenants operational windows and balconies with views of the beautiful pond.
- LAKE COUNTY LOCATION CREATES A PERFECT OPTION FOR TENANTS LOOKING TO DRAW FROM CHICAGO METRO
Lake County is home to the second largest concentration of Fortune 500 headquarters in the Midwest, according to Lake County Partners. It is home to College of Lake County and Lake Forest College and offers a highly educated labor force. Several large employers contribute to the success of the Lincolnshire, including Zebra Technologies, Sysmex America, Quill Corporation and CDW. Lincolnshire is part of the North Submarket, which is the largest of all the suburban markets and one of the wealthiest . Being in the Lake County offers a competitive advantage of lower taxes, which can be as much as half of Cook County.
- LIVE, WORK, PLAY - PROXIMITY TO SHOPPING, RESTAURANTS AND HOUSING
CityPark is part of a 50-acre Master Planned development including offices, restaurants, retail, hotel and entertainment. Well-known restaurants such as, Flemings Prime Steakhouse, and Cheesecake Factory are in close proximity and Levy Restaurant concepts, Wildfire and Big Bowl, within walking distance. Woodman’s Food Market a 24/7 grocery store is located just south of the property. In addition, it is in very close proximity to Hawthorn Mall, Melody Farms, Deerbrook Mall, and Deerfield Square with a Whole Foods Market. There are also numerous living options within minutes of the Property including 444 Social within walking distance and located in CityPark, ranging from single-family homes to high-end multi-family complexes which makes Lincolnshire the ideal live-work-play environment.
- FLOOR LAYOUT AND LOCATION CREATES EXICITNG POTENTIAL FOR MULTI-FAMILY RE-DEVELOPMENT
Lincolnshire is an ideal location to attract multi-family tenants seeking a location that provides access to amenities within walking distance. Drawing from one of the most affluent areas of Chicago, luxury rentals will command top rent. In the Lincolnshire, Riverwoods and Buffalo Grove area there are only two complexes built within the last 20 years and one under construction. The average vacancy of these properties is under 5%. Of the units available only the neighboring 444 Social development is considered Class A with average effective rent of $2,605 per month or $2.75 per square foot.
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