Marcus & Millichap announced the sale of 3445-3465 N. Kimball Avenue, a two-building, 80,205-square-foot industrial complex in the Avondale neighborhood on Chicago’s northwest side. The asset sold for $5.3 million, representing $66.08 per square foot.
“The property sits on an attractive 3.44-acre site, which bodes well for future value to the investment,” said Stephen Lieberman, a first vice president of investments in Marcus & Millichap’s Chicago downtown office. “Its proximity to the Kennedy Expressway and public transit, including the Addison Blue Line station, is a competitive leasing advantage that will help attract users across various industries.”
Lieberman—along with first vice president of investments Brian Parmacek and associates Joshua Hergott and Paul Proano—represented the seller in the transaction. The buyer was Sung Park, a Chicago-based private investor.
The property currently has six tenants and was 71 percent occupied at the time of sale. The purchaser intends to relocate his business to one of the vacant units and continue to operate the building as-is.
