Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of 3445-3465 N. Kimball Ave., a two-building, 80,205-square-foot industrial complex in the Avondale neighborhood on Chicago’s Northwest Side. The asset sold for $5.3 million, representing $66.08 per square foot.
“The property sits on an attractive 3.44-acre site, which bodes well for future value to the investment,” says Stephen Lieberman, a first vice president of investments in Marcus & Millichap’s Chicago Downtown office. “Its proximity to the Kennedy Expressway and public transit, including the Addison Blue Line station, is a competitive leasing advantage that will help attract users across various industries.”
Lieberman along with Brian Parmacek, a first vice president of investments; Joshua Hergott, an associate; and Paul Proano, also an associate, represented the seller in the transaction. The buyer was Sung Park, a Chicago-based private investor.
3445-3465 N. Kimball Ave. currently has six tenants and was 71 percent occupied at the time of sale. The purchaser intends to relocate his business to one of the vacant units and continue to operate the building as-is.
About Marcus & Millichap (NYSE: MMI)
With over 1,700 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 2016 with a value of approximately $42.3 billion. The company 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 recently brokered the sale of 3445-3465 N. Kimball Ave., an 80,205-square-foot industrial complex in Chicago’s Avondale neighborhood, for $5.3 million.