ROLLING MEADOWS, ILL. — A joint venture between GlenStar Properties and Walton Street Capital has closed on its purchase of Continental Towers, which includes three suburban office towers and a small retail property. The purchase price was $58.8 million, or about $65 per square foot, according to the CoStar Group. The four-building property at 1701 Golf Road in Rolling Meadows, located about 28 miles northwest of Chicago, totals 911,000 square feet and was approximately 40 percent vacant at the time of sale. The joint venture, which acquired the property from special servicer CWCapital, is planning an $8 million renovation, including an overhaul of the parking lot, landscaping and lobbies. Brian Nagle and Jerrod Wigal of Colliers International represented the seller in the transaction.
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