CHICAGO, IL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has secured the exclusive listing for
806 N. Rush St. and 56-58 E. Chicago Ave. (top left photo) , a two-building property in the heart of the Gold Coast.
The unpriced property includes
Pippin’s Tavern, (
top right photo) one of Chicago’s most famous establishments, and a six-story mixed-use building with three ground-floor retail stores and 26 apartment units.
In all, Marcus & Millichap is selling 26,385 square feet of space in two buildings located on 5,800 square feet of land.
Kyle Stengle, a senior associate, in the firm’s Chicago Downtown office, is exclusively marketing this property on behalf of the owner, a private investor.
“This is an excellent opportunity for an owner to rehab or redevelop this site,” explains Stengle.
“The property has been in the current owner’s hands for a long time, as are most of the properties in this area,” says Stengle, who specializes in the Near North neighborhoods, including the Gold Coast, Lincoln Park, Lakeview and Bucktown.
“Regardless of the current state of the economy, high-demand infill locations still attract investor interest because of the underlying, long-term value of the land in this area. Retail rents in the Gold Coast submarket range between $100 per square foot and $400 per square foot on a triple-net basis,” adds Stengle.
This 26,385-square foot property is surrounded by many high-end tenants including Bentley Gold Coast, Lululemon, Starbucks, Hyatt Hotels, Barney’s New York, Patagonia, Tori Burch, Jimmy Choo and other national-credit and local tenants.
$20M Mixed-Use Development Site Listed in Midlothian, TX
MIDLOTHIAN, TX– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for a 560-acre mixed-use development site in Midlothian, which is located approximately 20 miles south of the Dallas/Fort Worth Metroplex.
John Barker, a vice president investments and director of the firm’s National Multi Housing Group in Dallas, and
Creighton Stark, a senior associate, also in Dallas, are representing the seller.
“This 560-acre planned development opportunity is ideal for a number of uses and is situated along the city’s two main arteries in a highly progressive and synergistic community,” says Stark. “The location features an abundance of traffic generators, including Joe Pool Lake, a Wal-Mart Supercenter, which is situated across the highway from the property,
Navarro College (lower right photo) and several major employers.”
The parcel is located along U.S. Highway 287 and U.S. Highway 67 in Midlothian with 1.5 miles of frontage along Highway 287, 0.5 miles of frontage on Highway 67 and combined traffic counts of approximately 131,000 vehicles per day.
Midlothian is located 26 miles south of Dallas, 27 miles southeast of Fort Worth, 73 miles north of Waco and 180 miles north of Austin in Ellis County.
Reywest Commerce Center in Tucson, AZ Listed for $11.5M
TUCSON, Ariz., May 28, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for two adjacent institutional-grade foot industrial assets in Tucson known as the
Reywest Commerce Center (bottom left photo). The listing price for the net-leased property is $11.5 million, which represents $95 per square foot.
Peter P. Ioannou, a vice president investments in the firm’s West Los Angeles office, and
David A. Guido, (bottom right photo) in Marcus & Millichap’s Phoenix office, are representing the seller, a Beverly Hills, Calif.-based limited partnership.
“The built-to-suit asset was developed in the third quarter of 1999 for Raytheon by a division of the Alcoa Co.,” says Ioannou. “Raytheon leased the property for a 10-year term and has just exercised the first of its five three-year options.”
The property is located at 6221 and 6223 South Palo Verde Road on a corner parcel with 312 feet of frontage on South Palo Verde Road, a main arterial road leading to the Tucson International Airport.
The Reywest Commerce Center was built on 7.54 acres of land. Construction consists of five-inch concrete-slab floors, concrete tilt-up walls and a wood panelized built-up roof. Parking is available on grade, 4.3 spaces per 1,000 feet. The structure is in excellent condition and has received improvements by Raytheon. A national credit tenant with global reach, Raytheon has a Standard & Poor’s rating of A-.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
