Marcus & Millichap announced the sale of 820 Davis Street, a 76,239-square-foot office building in downtown Evanston, Illinois. The five-story building, located within walking distance of the Northwestern University campus, Fountain Square and the Davis Street CTA and Metra train stations, sold for $10.6 million.
Stephen Lieberman, first vice president, investments, in Marcus & Millichap’s Chicago Downtown office, exclusively marketed the property on behalf of the seller, a North Shore-based private family that had owned the property for nearly 20 years. Lieberman also procured the buyer, Free Market Ventures, a Chicago-based private investment group that plans to do an extensive renovation and modernization of the building.
“The office market in Evanston is extremely stable, particularly in the central business district, where 820 Davis Street is located,” said Lieberman. “New ownership has the opportunity to renovate and reposition the property in the near term for additional value creation. Considering the current and future outlook for office space demand in downtown Evanston, ownership should prove to be successful.”