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Oakbrook Terrace MOB Trades in Quick Sale
Marcus & Millichap finalized the sale of The Gallery Medical/Professional Building, a 29,983-square-foot office property in Oakbrook Terrace, IL. The asset sold for $3,730,000.
Mitchell Kiven, a senior associate in Marcus & Millichap’s Chicago Downtown office, marketed the property on behalf of the seller, a private investment fund, whom Mitchell had represented in purchasing the property in 2018. The buyer was secured and represented by Brian Parmacek, a first VP investments in the Chicago Downtown office.
Although this suburban office property was listed in the midst of an ongoing global pandemic, and amid a growing work-from-home trend, the inherent value of the real estate, its strong location in Oakbrook Terrace and the mostly medical tenant base proved compelling to a wide variety of local and national investors. After a six-week marketing campaign, Kiven and his team went to contract within 95% of the asking price.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
