Deerfield, Illinois

Newcastle sold 70 acres of land adjacent to Baxter’s World Headquarters for $25.5 million in only 45 days.



The Need
Newcastle helped Baxter Healthcare craft a strategic real estate plan for its facilities and holdings in northeastern Illinois. Based on the recommendations of that plan, Baxter decided to dispose of 70 acres of prime development property adjacent to its World Headquarters in north suburban Chicago. The price for the property had to meet Baxter’s investment objectives, and the sale had to be booked by yearend – only 10 weeks away!

The Assignment
Newcastle promptly assembled a comprehensive package on the property and discussed important zoning and entitlement issues with adjacent municipalities. In less than seven weeks, we generated more than a dozen offers for the property from local and out-of-town developers, as well as U.S. and foreign corporations. We helped Baxter evaluate the risks and advantages of each offer and negotiated to improve the best offers.

The Result
Newcastle negotiated an all-cash offer from Takeda Pharmaceuticals North America, the U.S. subsidiary of one of Japan’s largest pharmaceutical companies. Newcastle helped Baxter obtain necessary internal approvals, finalize documentation of the sale, address all contingencies and close the disposition prior to the end of 2002.