Marcus & Millichap has announced the sale of 61-95 Oakwood Road, a 58,955-square-foot industrial/flex property located in Lake Zurich, Illinois. The asset sold for $4,125,000.
Peter Doughty, senior associate in Marcus & Millichap’s Chicago Downtown office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, also a private investor, was secured and represented by Anthony Catanese, associate and James Ziegler, first vice president investments in Marcus & Millichap’s Chicago Downtown office.
Previously a condominium building, the Oakwood Road property was converted to a conventional, income producing rental property during due diligence. The subject property was a multi-tenant industrial flex facility containing ten total tenants. The purchaser, who was in a 1031 exchange and drawn to the asset in order to diversify his portfolio from multifamily into the industrial sector.