Matt Garrison Of R2 And Jeff Aeder Of JDI Realty Acquire Innovation Park In Libertyville For $35M

The property involved in this transaction is an office space located at 1910 Innovation Way in Libertyville, covering 83 acres and consisting of 1,000,000 square feet. It was sold for a transaction amount of $35,000,000, with a price per square foot of $35.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $35,000,000
• Square Footage: 1,000,000 SF
• Price per Square Foot: $35
• Address: 1910 Innovation Way
• Market: Libertyville
• Buyer: Matt Garrison - R2; Jeff Aeder - JDI Realty
• Seller: Brian Berman - Beco Management
• Brokers: Bryan Rosenberg & David Caprile - Eastdil Secured

The acquisition involved R2 and JDI Realty, who acquired the property that was previously a Motorola plant, allowing for revitalization efforts. The property is currently 68% leased, with tenants that include Valent BioSciences and Medline, and plans are in place to reposition it for attracting more life science and research tenants, addressing potential tenant challenges.