Sales continue to close despite softening market conditionsCHICAGO, IL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, announced that its Chicago regional offices recently closed $69.5 million in major commercial real estate transactions, even as sales velocity continues to slow nationwide, according to John Kerin, (top right photo) group managing director of the firm’s Chicago regional offices.
“Despite widespread softening of national economic fundamentals and easing sales velocity, Marcus & Millichap continues to execute transactions in the Chicago MSA.” says Gregory LaBerge, (top left photo) regional manager of Marcus & Millichap’s Chicago office.
“Despite widespread softening of national economic fundamentals and easing sales velocity, Marcus & Millichap continues to execute transactions in the Chicago MSA.” says Gregory LaBerge, (top left photo) regional manager of Marcus & Millichap’s Chicago office.
In what has been one of the largest sales of a vintage apartment building in Chicago in the past 12 months, Eric Bell, senior vice president investments and senior director of the firm’s National Multi Housing Group in Chicago, negotiated the sale of 1337 West Fargo.
The 86-unit, 12-story apartment building sold for $8.05 million, representing an approximate price per square foot of $115.
The firm also sold 3 Oxford Road, a 326,868-square foot affordable housing apartment community in Carpentersville, Ill. The property’s sales price of $23.05 million represented $71 per square foot. Scott Harris, senior vice president investments, and Kyle Shoemaker, a multi-family investment specialist, both in Marcus & Millichap’s Oak Brook office, represented the seller.
Also representing the seller were Paul Davis, first vice president investments, and Andrew Daitch, (middle right photo)vice president investments, both located in the firm’s Detroit office. Marcus & Millichap also represented the buyer. Another significant sale was 1146 Yew Court, a 271,810-square foot apartment complex in Elgin, Ill. The $16.1 million sales price represented $59 per square foot. Harris arranged the sale on behalf of the seller.
The buyer was represented by Harris and L. Matthew Hare, a senior associate in Marcus & Millichap’s Indianapolis office. The city of Elgin and Cook County assisted in the transaction by providing a portion of the financing for the property.
Marcus & Millichap also arranged the sales of 1601 North Lincoln Ave. and 1321 Lincoln Ave. in Urbana, Ill. Peter Katz, (bottom left photo) senior vice president investments and senior director of the firm’s National Multi Housing Group in Phoenix, negotiated the sale, in conjunction with the firm’s Chicago office. By providing investors with real-time market information and unparalleled access to a nationwide pool of investment capital, Marcus & Millichap will continue to arrange transactions on behalf of private and institutional investors through every market cycle.
Press Contact: Stacey Corso, Communications Department, (925) 953-1716
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