Marcus & Millichap brokered the sale of a 12,420-square foot office property net-leased to Illinois Department of Employment Security (IDES), according to Steven D. Weinstock, regional manager of the firm’s Chicago Oak Brook office. The asset, located in Chicago, sold for $1,250,000.
Adrian Mendoza, first vice president, Austin Weisenbeck, senior vice president and Sean R. Sharko, senior vice president 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 fund manager. The buyer, a Chicago-based investment group, was secured by Mendoza, Weisenbeck and Sharko.
IDES has a 27-year history at this location, 1515 E. 71st Street, and a new, five-year lease. This is a high-yielding, stable asset with robust returns. The property went under contract to close in 45 days.