Core acquires Deerfield office building for $6.75M
DEERFIELD -- Core Acquisitions, a Chicago-based commercial real estate investment, development and property management company, has acquired Ten North Parkway in Deerfield for $6.75 million.
The three-story, 100,000-square-foot office building was sold by Gramercy Property Trust, an affiliate of Blackstone.
It is currently 100 percent leased to Markel Corporation. It is located in the Parkway North Office Park near Saunders and Deerfield roads.
Core's renovation and repositioning plans include upgrades to the building amenities, which includes the lobby, patio, food service, elevators and corridors, as well as cosmetic enhancements such as exterior repainting, landscaping, and parking lot repaving. Additionally, Core is launching an aggressive leasing campaign focused on tenants of all sizes in order to replace Markel's full building lease, which is set to expire in January 2020. Bradley Joseph, a principal at Core Acquisitions, said the building's three roughly 33,000-square-foot floor plates can easily be demised into smaller suites but is also ideal for a single-user corporate headquarters.
"We see Ten Parkway North as a classic value-add opportunity: the building hasn't been updated in nearly 20 years, and with the right design, construction and commitment of capital, can be renovated and repositioned to offer a competitively priced alternative in the Class A North Suburban marketplace," Joseph said.
Last year, Core Acquisitions had acquired Chatham Centre, a 10-story, 205,000-square-foot office building at 1901 N. Roselle Road in Schaumburg, and earlier this year partnered with Orland Park-based Edwards Realty on the acquisition of Burr Ridge Village Center, a 12-year old lifestyle retail center.