We are pleased to announce that we signed a lease with Elemental Center, Inc for 3,447 square feet which is guaranteed by Dr Martins Adeoye per the terms below. Elemental has been operating a successful psychology group practice in Orland Park with additional offices in Edwards Hospital – Naperville and Cantera Lakes - Warrenville which he is moving to our building.
This lease will decrease the interest rate on the Wheaton Bank & Trust Company loan from 5.5% to 4.5%.and will leave about 1400 square feet on the corner of the building that has windows in the entire space. This should be very attractive space for a smaller tenant that would normally not able to have windows in the entire space.
The other tenant in the building is Fertility Clinics of Illinois occupying 3,000 square feet. The lease grants Dr Adeoye the right to purchase the entire building for $1,425,000 for a period of 6 months. By comparison, our original proforma assumed a sale price of $1,324,000 at the end of the 3rd year (December, 2016). Our cash flow will be less, since it took longer to release the space after Optimal Health decided not to renew their lease.
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