Although the price was not disclosed, the seller, El Paso, TX-based Urban Growth Property Trust paid $7 million for the asset in 1998, according to property records. Although the Cook County Assessor's office estimates 58% of the value is in the 6,700-sf site, the equalized value is nearly $8.5 million. However, the building has the distinction of being one of the few parking garages designed by a well-known architectural firm, Tigerman McCurry Architects.
Nevada Bob's Golf and Ricobene's occupy the retail space at the ground floor and second level. Next Realty's 1.5-million-sf retail portfolio includes a similar property at 200 W. Randolph St., where Washington Mutual has added a branch as part of its expansion plan.
The Michigan office of iCap Realty Advisors arranged financing by Wells Fargo. Principal Robert Caplin handled negotiations for Next Realty.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
