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Net-Leased State Offices Trade in Chatham
Marcus & Millichap arranged the sale of a 12,420-square-foot office property net-leased to the Illinois Department of Employment Security (IDES) in the South Side’s Chatham neighborhood. The property sold for $1,250,000.
First VP Adrian Mendoza and SVPs Austin Weisenbeck and Sean R. Sharko, based in Marcus & Millichap’s Chicago Oak Brook office, marketed the property on behalf of the seller, a fund manager. The buyer, a local, Chicago based investment group, was secured by Mendoza, Weisenbeck and Sharko.
The IDES office is located at 1515 E. 71st St. The state agency has a 27-year history at this location and a new, five-year lease.
The property is a high-yielding, stable asset with robust returns, according to Marcus & Millichap. It went under contract to close in 45 days.
In July, the same team arranged the sale of another South Side property leased to a state agency, 1642 W. 59th St.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
- ◦Lease
