Greenstone Partners has completed the sale of 387 Shuman Boulevard, a 110,000-square-foot office building located in Naperville.
Greenstone Partners’ Jason St. John and AJ Patel exclusively represented the seller, a Naperville-based office operator, while the buyer is a private partnership based out of Dallas, Texas. The property was marketed in conjunction with CREXi Auction and sold to the winning bidder for $6.4 million.
Ownership made significant investments into the property, including a new parking lot, lobby, corridors, restrooms, HVAC, electrical, plumbing, and roof. Existing tenancy includes a mix of medical and general office users.
“This transaction presented the buyer with a rare opportunity to acquire a premier asset in the prestigious Naperville submarket at an attractive basis during a period of office market recovery,” said Jason St. John, Managing Partner at Greenstone Partners. “Long-term, the property is well positioned for a transition into more of a medical office use given its proximity to leading hospital systems.”
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