Marcus & Millichap Real Estate Investment Services has announced the sale of Evanston Enterprise Center, a four story office property located in Evanston, according to John Przybyla, first vice president/regional manager of the firm’s Chicago downtown office. The asset commanded a sales price of more than $5 million.
John Abuja and Stephen Lieberman, investment specialists in Marcus & Millichap’s Chicago downtown office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a private investor, was secured and represented by John Abuja, Stephen Lieberman and Howard Wiese, investment specialists in Marcus & Millichap’s Chicago and Chicago downtown offices.
Evanston Enterprise Center is located at 1840 Oak Ave. in downtown Evanston within the Evanston Research Park. The EEC is a multi tenant property, currently 95 percent occupied by 21 tenants including Northwestern University, Evanston Chamber of Commerce, PEPID LLC and others. The property sold for $99.68 per rentable square foot at approximately a 9.50 percent cap rate. The investment included non-recourse assumable financing with a more than $4 million remaining balance. The purchaser acquired the asset at an 81 percent loan to value with standard reserves for tenant improvement allowances also required in the assumption.