Colliers Office Capital Markets team of Alissa Adler and John Homsher and the Multifamily team of Tyler Hague and Lauren Stoliar recently represented Fulton Design + Build in the sale of a 55,033-square-foot, mixed-use property at 1770 1st St. in Highland Park, Illinois, to QMR Partners for $7.4 million.
The building, which sits atop a 447-space public parking garage, features 17 apartment units on the upper three floors (all with an outdoor patios), and 36,000 square feet of medical office space which are 100% and 61% leased respectively. Tenants include Robb Orthodontics, Highland Park Maxillofacial & Implant Surgery, and Pediatric Dentistry of the North Shore.
Built in 1988, the TOD development is directly across the street from the Highland Park Metra stop, near Highland Park Hospital and in the heart of the town’s shopping district adjacent to Port Clinton Square.
Mixed-use properties like 1770 1st St. – well located with medical office – are the most in demand and one of the strongest performing asset classes in the market today. The sale presented a rare opportunity to simultaneously acquire multifamily and medical office space in the heart of Chicago’s North Shore in one transaction.
