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Property Map

LabCorp

150 Spring Lake Dr., Itasca, IL
  • Property Type: Industrial
  • Size: 40,535 Sq. Ft.
  • Date Closed: 08/20/2016

Challenges

• There was an environmental concern as seller’s Phase I report was inaccurate and omitted a previous environmental concern from a tenant that resided on site for over 15 years
• Pricing on a per-square-foot basis was aggressive for this type of asset
• Exchange buyer had only 15 days left to identify
• Tenant was unhappy with previous ownership and only had 8 years remaining on their current lease

Solutions

• Worked with third party companies to eliminate any environmental concerns by conducting a Phase II Survey, understanding same and communicating this to the buyer
• Quantum represented the buyer and strategically negotiated pricing while being on a deadline though the exchange process
• Quantum was able to negotiate a post-closing agreement escrow for necessary repairs on the property

Results

• Buyer closed on a property in the highly sought after O’Hare corridor with an investment grade tenant on a long-term lease

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