Daniel Hyman, president of Chicago-based Millennium Properties, represented both the buyer and the seller in the transaction. The sale had "basically a 7%" cap, Hyman tells GlobeSt.com. The sale was financed with a $6.2 million loan from National City Bank, sources say.
The 64,800 sf office building, which was constructed in 1962, is approximately 93% occupied. The building is on the corner of Dempster Street and Skokie Boulevard, which are two of the main thoroughfares in the village of Skokie. The property has a high occupancy rate "due to its easy access by car and train, its proximity to shopping and restaurants and amenities such as underground parking," Hyman said in a statement.
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