LOS ANGELES – November 24, 2015 – Abington Emerson sold a 36,000 square foot office building (“NaperPlace”) in Naperville, Illinois. Naperville is an active business and retail hub that runs through DuPage County, Illinois. At the time of acquisition, the three-story brick property was deemed dated and uncompetitive, had few tenant amenities, lacked visibility in the market and was almost 40% vacant.
After lowering the property tax by approximately 35%, the company invested close to $300,000 in improvements and common area upgrades. Concurrently, Abington Emerson was able to renew and expand existing anchor tenant Keller Williams and secure six new high quality tenants. At the time of sale, occupancy was at 95%.
“NaperPlace was a very successful transaction for Abington Emerson, our investors and the Naperville community. Through our value add approach we were able to convert a dated, uncompetitive space into a premium office building in the desirable downtown sub-market,” said Johnny Camarena, Executive Vice President at Abington Emerson Investments, LLC.