Louis Schriber III Of Shorewood Development Group Acquires Office Campus In Deerfield For $13.1M

The asset involved in this transaction is a fully demolished site at 1411, 1415, 1417, 1419, 1425 & 1435 Lake Cook Road located in Deerfield, IL. The transaction was completed for a price of $13,100,000 and encompasses a total area of 37.5 acres. The property was previously owned by Orion Properties.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $13,100,000
• Buyer: Louis Schriber III - Shorewood Development Group
• Seller: Paul H. McDowell - Orion Properties
• Brokers: Tom Svoboda, Matthew Ishikawa & Tony Gange - CBRE

Shorewood Development Group intends to implement a large-scale mixed-use redevelopment for the site, which will include retail, medical, and multifamily elements. This acquisition aligns with their strategy of transforming former suburban office campuses into residential-centric projects while responding to the ongoing office downsizing by Walgreens.