The deal was at an 8.08% capitalization rate, according to Marcus & Millichap Real Estate Investment Brokerage Co., as well as $193 per sf. The price per sf is lofty, given Marcus & Millichap's most recent office market report predicts median prices will decline 5% this year to $104 per sf in Downtown Chicago and the suburbs.
Marcus & Millichap senior associate David Tarnoff represented the Chicago-based limited partnership while vice president/investments Eric Bell and senior investment associate Howard Wiese represented the seller, ASAJ II, LLC. The Northfield-based seller held the property for little more than a year, according to property records, having acquired it in June 2003 from Evanston Northwestern Healthcare.
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