April 16, 2019
Ten Parkway North in Deerfield, IL will soon be vacant, a fact that enabled Core Acquisitions to acquire the property at a discount and will give the new owner a repositioning opportunity.
Crain’s Chicago Business reported that Core bought the 19-year-old property from Blackstone for $6.8 million, ahead of insurer Markel’s January 2020 lease expiration. Markel is the 100,000-square-foot asset’s only tenant, and plans to relocate.
“It has never been tapped into, to see what a lobby renovation would do, to see what a patio would do,” Core principal Bradley Joseph told Crain’s. “It’s an opportunity to reposition a Class A building, and give it amenities found in the city.”
Blackstone acquired Ten Parkway North as part of its $7.6-billion purchase of New York-based Gramercy Property Trust last year. The price Core paid was less than a third of what the property fetched in 2010.
Connect Chicago is coming up on May 14! Click here to register for the event.
For comments, questions or concerns, please contact Paul Bubny