Marcus & Millichap facilitated the sale of an 18,322-square-foot office property located in Arlington Heights, Illinois, according to Steven D. Weinstock, regional manager and first vice president of the firm’s Chicago Oak Brook office. The asset sold for $1,118,700.
Tammy A. Saia, first vice president, and Tami Andrew, associate and investment specialists in Marcus & Millichap’s Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, a Japanese limited liability company. The buyer, a private investor, was secured and represented by Adam Fortino, senior associate and investment specialist in Marcus & Millichap’s Chicago Oak Brook office.
Located at 415 E. Golf Road in Arlington Heights, the property is a multi-tenant office building that was 94 percent occupied by long-term local tenants. Although the Cook County triennial reassessment caused the initial buyer to withdraw its offer, ownership was successful in its appeal and a local buyer stepped in and completed the sale. A New York-based property management firm oversaw the property for the owner who was located in Japan, as this was their only Chicago property.
