Deerfield Business Center
Deerfield, IL | 63,000 SF | Investment
A six-building, one-story complex of 125,000 SF was being sold due to a partnership issue. The property, located in Cook County, was well positioned in its community and submarket, which was showing occupancy and rent growth. The property was functional and in good repair but the back three buildings had significant vacancy.
The property was purchased via a 1031 exchange. The marketing strategy divided the complex into two. For the front three buildings, attentive management leased vacant units and extended leases. For the back three buildings, a sale to a Jewish Congregation for services and meeting/educational space was consummated. The investors in the sale were afforded the opportunity to exchange into a development site in Wisconsin.