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recent real estate auction has given Singerman Real Estate a second chance to shape Skokie's life sciences future. The company acquired the 135,850-square-foot vacant building at 8030 Lamon Avenue for $3.3 million, bringing its total investment in the Illinois Science & Technology Park to over $78 million. This deal includes an adjacent 1.3-acre parcel that could be developed into a parking garage.

    The purchase price of around $24 per square foot reflects the challenges developers face in leasing lab spaces, particularly in secondary markets like Chicago. The local life sciences vacancy rate stands at 40 percent, more than double the national average of 17 percent. Despite this, Singerman sees potential in the market and is confident in its decision to invest.

    By acquiring the property at a discounted price, Singerman avoids financial risks associated with ground-up development or costly redevelopments. The building's zoning flexibility allows for various uses, including research, manufacturing, and office space. However, competition from newer developments like Evanston Labs poses a challenge, having already attracted Cour Pharmaceuticals away from the Skokie campus.

    The acquisition is a valuable addition to Singerman's existing ISTP portfolio, which is 96 percent leased across its two other buildings. The company focuses on investments ranging from $20 million to $250 million and sees life sciences as a sector with long-term growth potential despite short-term volatility.