Three-building 66,853-square-foot office complex near O’Hare International Airport garnered multiple offers
Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today it brokered the $6.75 million sale of the Hartford Business Centre, a 66,853-square-foot, multi-tenant office complex at 729-765 N. Route 83 in Bensenville, Ill., a western suburb of Chicago. The property garnered multiple offers and closed at nearly full list price.
Located in DuPage County less than a mile west of O’Hare International Airport, Hartford Business Centre sits near Interstates 290, 294, 90 and 355, providing access to both downtown Chicago and surrounding suburbs.
Marcus & Millichap’s Peter Doughty, vice president investments, and Brent Holder, associate, both based in the firm’s Chicago Downtown office, represented the seller, a California-based private investor. The buyer, a local private investment fund, was represented by Avison Young.
“The transaction was a win-win for both buyer and seller and underscores the appeal of the O’Hare submarket, where robust industrial development is also driving demand for office space,” said Doughty. “Hartford Business Centre was a compelling investment due to both its current operation as a multi-tenant, incubator-style office as well as its long-term redevelopment prospects in a prime location next to O’Hare. Leveraging the property’s strong historical performance and favorable market conditions at the time of listing, the sellers saw an opportunistic window to maximize sale value.”
Hartford Business Centre’s three single-story buildings, constructed in 1975 and 1985 and renovated in 2022, contain 45 total units ranging from 759 to 5,708 square feet. At the time of sale, the property was 97.43% occupied and has maintained over 90% occupancy since the beginning of the COVID-19 pandemic.
About Marcus & Millichap (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.
