EVANSTON, IL—Marcus & Millichap brokered the sale of 820 Davis St., a 76,239-square-foot office building in downtown Evanston, IL, for $10.6 million.
Stephen Lieberman, first vice president, investments, in Marcus & Millichap’s Chicago downtown office, exclusively marketed the property on behalf of the seller, a North Shore-based family that had owned the property for nearly 20 years. Lieberman also procured the buyer, Free Market Ventures, a Chicago-based private investment group that plans to renovate and modernize the building.
“The office market in Evanston is extremely stable, particularly in the central business district, where 820 Davis St. is located,” says Lieberman. “New ownership has the opportunity to renovate and reposition the property in the near term for additional value creation. Considering the current and future outlook for office space demand in downtown Evanston, ownership should prove to be successful.”
The five-story office building is located one block east of the Davis Street CTA and Metra train stations, four blocks south of the Northwestern University campus, and one block west of Fountain Square.