LOMBARD, IL—A joint venture of Investcorp and Golub has purchased the Oak Creek Center office portfolio here for $39.5 million.

KBS Realty Advisors, the seller, was advised by Transwestern. The 11-building portfolio, totaling 427,161 sq. ft., includes nine single-story and two multi-story buildings along Chicago’s East-West Corridor. The portfolio was 87.5 percent leased at the time of sale.

Gary Nussbaum, managing director of Transwestern said in a statement that investors are beginning to recognize the value in stable, suburban-Chicago, class B office investments. “This type of property can generate healthy levered returns in the current low interest rate environment,” he said. “The sale of Oak Creek Center to a New York-based advisor of Middle Eastern capital marks the third time in 2012 that a significant suburban Chicago office property traded to foreign investor interests. We expect this trend to continue.”

Nussbaum, managing director Thomas Gorman, and senior associate David Matheis represented KBS. The joint venture represented itself in the transaction.