Hudson Advisors Sells Chicago-Area Office Building
The new owners financed the acquisition of the 141,186-square-foot asset through a $9.6 million loan from Calmwater Capital.
1717 Deerfield Road
Hudson Advisors has sold a 141,186-square-foot office building in Deerfield, Ill., to Canada-based investment group Progressif and Helios Property Management. Lake County public records show the partnership financed the acquisition through a $9.6 million loan from Calmwater Capital, with a maturity date set for 2021 and an extension option to 2023.
Located at 1717 Deerfield Road, the three-story building is adjacent to both Interstate 94 and 294 and comprises 50,000-square-foot floor plates, only one of four multi-tenant buildings in the market that can offer contiguous space divisible between 45,000 and 115,000 square feet. The property was completed in 1986 on an 8.9-acre site, Yardi Matrix data shows. At the time of sale, the asset was 21.2 percent leased to an accounting and consulting company.
TCS Managing Director Gary Nussbaum and Associate Director Paige represented the seller. This May, Sumitomo Corp. of Americas the brokerage company was selected to handle property management services for an $800 million, 3.1 million-square-foot Class A office portfolio, which includes a 27-floor, 625,221-square-foot office tower in Chicago’s central business district.
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