Illinois Science + Technology Park Sells For $34 Million Profit

SKOKIE, IL — In a pair of recent real estate deals, the local firm that purchased the Illinois Science and Technology Park in downtown Skokie recently sold the property for $34 million more than it paid less than five years earlier, Crain's Chicago Business reported.

The Illinois Science and Technology Park was developed out of the former G.D. Searle research complex by Cleveland-based Forest City Enterprises, which bought the site for $43 million from Pfizer in 2005 and racked up about the same amount in losses over the next decade.

In 2017, the 22.6-acre property was purchased for $77 million by Skokie-based American Landmark Properties.

Last month, American Landmark sold properties at 8025 and 8045 Lamon Ave. with about 286,000 square feet of space for $75 million to Chicago-based Singerman Real Estate, according to Crain's.

More recently, Florida-based private equity real estate investor TopMed Realty purchased the 178,000-square-foot building at 4901 Searle Parkway for over $36 million, Crain's reported, citing sources familiar with the deal.

Following what the listing broker described as "transformative capital improvements and the success of the campus," that property is currently leased to NorthShore University HealthSystem.

Related:

• Deal For 8-Story Hotel In Downtown Skokie Approved By Trustees
• Governor Visits Illinois Science Technology Park in Skokie
• Skokie Science Park Sold to Local Firm, Willis Tower Owners