Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of 820 Davis St., a 76,239-square-foot office building in downtown Evanston, Ill., for $10.6 million.

Stephen Lieberman, first vice president, investments, in Marcus & Millichap’s Chicago Downtown office, exclusively marketed the property on behalf of the seller, a North Shore-based private family that had owned the property for nearly 20 years. Lieberman also procured the buyer, Free Market Ventures, a Chicago-based private investment group that plans to do an extensive renovation and modernization of the building.

“The office market in Evanston is extremely stable, particularly in the central business district, where 820 Davis St. is located,” said Lieberman. “New ownership has the opportunity to renovate and reposition the property in the near term for additional value creation. Considering the current and future outlook for office space demand in downtown Evanston, ownership should prove to be successful.”

The five-story office building is located one block east of the Davis Street CTA and Metra train stations, four blocks south of the Northwestern University campus, and one block west of Fountain Square.

About Marcus & Millichap (NYSE: MMI):

With over 1,800 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed nearly 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.

Marcus & Millichap brokered the sale of 820 Davis St., a 76,239-square-foot office building in Evanston, Ill.