Marcus & Millichap Real Estate Investment Services has arranged the sale of Emerson Mixed Use, a 20,247-sqaure-foot office property located in Evanston. The asset sold for $2.7 million.
Alvin Mansour, John Abuja and Howard Wiese, investment specialists in Marcus & Millichap’s Chicago downtown and O’Hare offices, had the exclusive listing to market the property on behalf of the seller, a private investor/developer. The buyer, a limited liability company, was secured and represented by Stephen Lieberman, an investment specialist in Marcus & Millichap’s Chicago downtown office.
Emerson Mixed Use is located at 1123-1131 Emerson St. in Evanston. The asset has 12,955 square feet of street-level retail space and the second floor contains approximately 7,292 square feet of divided executive office space. The rent roll has staggered lease expirations with many long-term tenants. The building is operating on modified gross leases with partial reimbursements for operating expenses and real estate taxes.
