10/18/2007

Transwestern's Chicago team brokers $42 million sale in Champaign

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Chicago-based Romanek Properties Ltd. has sold its 12-building portfolio in Champaign, Ill., for $42 million to a California-based family trust.

Gary Nussbaum, Thomas Gorman and Matthew Mitchell of Chicago's Transwestern office represented Romanek in the transaction.

The 241,198 square foot portfolio was developed by Fox Development and is located adjacent to the University of Illinois. It contains a mixture of office and retail properties and currently has a 100 percent occupancy rate.

The Shoppes of Knollwood, the retail portion of the portfolio, are located at 2131-2151 S. Neil St. and contain over 38,000 square feet. South Building, the office portion, is located at 2211-2229 S. Neil St. and is home to tenants such as Blue Cross Blue Shield, Allstate and Intel.

Transwestern also represented Romaken, a private investment and development firm, when it acquired the portfolio in 2004 for a reported $31 million.

Champaign, Ill., home to the University of Illinois Champaign-Urbana, is located 85 miles east of Springfield, Ill.

Nussbaum began his career in commercial real estate in 1990 as an associate director for Cushman & Wakefield's financial services group. He joined Transwestern in 1999 and received the C&W Area Service Excellence Award in 1997 and 1998. He holds a B.A. in Geology from the University of California-Santa Barbara and a M.B.A. in Finance and Real Estate from Northwestern University.

Gorman, an 18-year real estate professional, is the former vice president of capital markets with a Chicago-based real estate investment bank and a former acquisitions officer with Meridian Industrial Trust. He began his career as a broker with Cushman & Wakefield. Since joining Transwestern, Gorman has participated in investment sales assignments of over 14 million square feet.

Address: South Neil Street, Champaign, Ill.

Size: 241,198 square feet

Built: Between 1989 and 2001

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