Marcus & Millichap announced the sale of a 32,369-square-foot, fully-occupied medical and professional office complex located in Oak Lawn, Illinois, according to Joe Powers, regional manager of the firm’s Chicago Downtown office. The asset sold for $3 million.
Mitchell Kiven, an investment specialist in Marcus & Millichap’s Chicago Downtown office, had the exclusive listing to market the property on behalf of the seller, a local private investor, and procured the buyer, an out-of-state investor, in a 1031 exchange.
The office complex consists of two buildings, located at 4544 and 4550 W. 103rd St. in Oak Lawn, not far from Advocate Christ Hospital. The buildings feature a staggering 32 tenants, due to the inclusion of a micro-suite component that the sellers incorporated to increase occupancy above traditional suburban office levels. The strategy had proven successful, and the property was 100 percent occupied throughout COVID-19 and its aftermath. Kiven procured five written offers throughout the marketing campaign and closed the transaction at full asking price.
