Ryan Companies US, Inc. has acquired 11 acres of land adjacent to the I-88/I-294 interchange with frontage along the western side of York Road in Oak Brook, Ill.
The firm intends to bring a new, urban-suburban office/medical campus development that includes an array of amenities and structured parking. When complete, the development is likely to have a construction volume exceeding $70 million.
“That’s the approach we’ve taken in breaking ground on 833 North Clark Street Apartments in Chicago’s Gold Coast last summer and developing three Clarendale senior living communities in the suburbs during 2015,” Tim Hennelly, president of the Great Lakes Region of Ryan Companies, said. “Bringing a state-of-the-art office development to the east end of Oak Brook responds to a lack of Class A product.”
In addition to owning the property, Ryan also will provide development, design-build and real estate management services. NAI Hiffman will serve as broker, and Wright Heerema Architects will provide architectural services. Convergent Capital Partners, a real estate private equity firm headquartered in Tampa, Fla., sold the property, which it had acquired in June 2013.
© 2017 Real Estate Communications Group. Duplication or reproduction of this article not permitted without authorization from the Real Estate Publishing Group. For information on reprint or electronic pdf of this article contact Mark Menzies at 312-644-4610 or firstname.lastname@example.org