Deerfield Shopping Center Sells For 30% Less Than 2006 Purchase Price
Marc Realty Capital hopes it can generate revenue from its latest acquisition. The firm bought Deerfield Village Centre in the north suburbs for $25M in a JV with R2 Cos and Prime Quest Management.
The sale price is a steal. Deutsche Bank bought Deerfield Village Centre for $35M in 2006, the height of the previous real estate cycle, according to Crain's. That's 30% more than what the Marc Realty-led JV acquired the asset for.
Deerfield Village Centre contains 44k SF of retail, 56 apartments and 20k SF of empty office space, which surely contributed to the property's lower value. Marc Realty principal David Ruttenberg hopes to add value to the asset by leasing that vacant office space and says he already has interest from prospective tenants. [Crain's]
