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Joint Venture Sells Splenda Headquarters

Oak Street Real Estate Capital Pays $27M for Prairie Stone Corporate Center
January 30, 2014
Oak Street Real Estate Capital, a Chicago-based private equity real estate firm, acquired Splenda's three-story headquarters in Hoffman Estates, IL from J.F. McKinney & Associates and ConopCo. Realty & Development for $26.5 million, or about $241 per square foot.

The 4-Star office building, known as Prairie Stone Corporate Center, was constructed in 2008 at 5450 Prairie Stone Pkwy. and totals 110,000 square feet. Tate & Lyle PLC, the makers of Splenda, will continue to utilize the building as its U.S. headquarters.

During the two-step transaction, the joint venture purchased the property and then immediately flipped the purchase contract to Oak Street Real Estate Capital, finalizing the acquisition.

As part of the arrangement, Splenda negotiated a 15-year lease deal, according to CoStar information.
The seller was represented in-house, while Bruce Westwood-Booth of Jones Lang LaSalle represented the buyer.

Please see CoStar COMPS #2935645 for more information on this transaction.
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