January 23, 2017
Boxer Properties is now owner of the 119,265-square-foot, three-building 155 N. Pfingsten. The Houston, TX-based buyer paid $10 million for the property in Deerfield, IL. Gary Nussbaum, Michelle Monhaut and Paige Gunn represented the seller, which public records list as CRP Holdings Pfingsten LLC, out of Chicago.
Boxer regards its 30-year-asset buy as value-add, and plans to increase both value and rents by upgrading building systems and adding on-site tenant amenities. “We were attracted to the quality of the asset and its Lake County location, which provide for key tax advantages that we plan to pass along to our tenants,” said Boxer’s Brad Nichol, who represented the buyer. “We have already begun planning on a new tenant center and conference facility. Construction should start early next year.”
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