April 16, 2019 Comments Off on Full-Building Vacancy Means Opportunity in Deerfield Views: 370 Chicago News, Greater Chicagoland

Full-Building Vacancy Means Opportunity in Deerfield

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.

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