September 16, 2019 Comments Off on High-Vacancy Deerfield Office Sells as Value-Add Views: 1165 Chicago News, Greater Chicagoland

High-Vacancy Deerfield Office Sells as Value-Add

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Transwestern Commercial Services (TCS) brokered the sale of 1717 Deerfield Rd. in Deerfield, IL. The 147,096-square-foot office property was purchased by Canada-based investment group Progressif and Schaumburg-based Helios Property Management. Terms weren’t disclosed.

TCS managing director Gary Nussbaum and associate director Paige Gunn provided disposition services on behalf of the seller, Hudson Advisors.

“1717 Deerfield offered investors an opportunity to reposition and lease a high-vacancy property at the Deerfield Road and Interstate 294 interchange for a relatively low price per square foot,” said Nussbaum. “The building will compete well as a lower-cost alternative to the Parkway North buildings to the west.”

The three-story building, offering approximately 50,000-square-foot floor plates, is currently 21.2% leased by accounting and consulting firm Warady & Davis LLP. The property at 1717 Deerfield is one of four competitive multitenant buildings in the market that can offer large contiguous space divisible between 45,000 and 115,000 square feet.

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