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Highlights
A Petaluma, California-based investor, STG Group, purchased the two-building Conway Park office complex in Lake Forest for $9.3 million, acquiring the property out of foreclosure.
The purchase price equates to just over $41 per square foot, a steep discount given that the previous owner, Pembroke IV, had invested over $31 million into the 225,354-square-foot property.
The office complex is only about 45 percent leased, and the sale is viewed as a vote of confidence in the Chicago suburbs' battered office market, which has seen vacancy rates hit record highs.