North Shore Office, Industrial Packages For Sale

CHICAGO-The Gold family is pruning its portfolio, placing 426,760 sf of north suburban industrial and office space as well as 7.1 acres in built-up suburbs on the block for $23.8 million. Inspections being today, with a sealed-bid auction scheduled for Sept. 25 by Chicago-based Millennium Properties, Inc.

While he expects to get a better read today, Millennium Properties president Daniel J. Hyman says the properties already have attracted interest from users and investors. “People are looking for product,” he tells GlobeSt.com.

In Skokie, US Robotics’ former 107,000-sf headquarters at 8100 N. McCormick Blvd., a vacant 84,760-sf industrial building next door at 8111 N. St. Louis Ave. and 5.1 acres at 3400 W. Oakton St. could go for a combined minimum bid a little more than $12 million.

Four Northbrook properties in the 900 and 1000 blocks of Sunset Ridge and 900 block of Skokie Boulevard can be had for a minimum bid of $10.95 million, or will be sold separately. If acquired at the minimum bid, the Northbrook package would trade at $44 per sf.

The US Robotics headquarters has 31,500 sf leased to the state’s department of human services at about $17.50 per sf, or more than $550,000 a year. The minimum bid for 8100 N. McCormick Blvd. is $6.5 million while 8111 N. St. Louis is being offered at a minimum bid of $2.9 million. The minimum bid is $12 per sf for the land at 3400 N. Oakton St., or about $2.66 million.

The 159,000-sf building at 1000 Sunset Ridge is 22% occupied but is generating more than $500,000 a year, according to the brokerage firm. The minimum bid for that property is $7.2 million. Meanwhile, a 61,000-sf office and industrial building at 952 Skokie Blvd. and 16,000-sf property at 980 Sunset Ridge could go for a $2.5 million bid. A 15,000-sf building at 950 Skokie Blvd. also is in the mix at a $1.25-million minimum bid.

“It is interesting to note that at one time, the entire Northbrook package was being marketed in excess of $16 million,” Hyman says.

On the northern end of the spectrum in Highland Park, two acres on Old Skokie Road south of Deerfield Road zoned for office or industrial use is being offered at a minimum bid of $850,000 per sf, 20% the going rate for development land in the North Shore suburb, according to Millennium Properties vice president Susan B. Silver.

“These are assets that have not done as well as they could have and as well as they should have,” Hyman tells GlobeSt.com. “There’s a desire to sell, and we will sell. There’s money to be made from all sides.”

Hyman’s company already has begun showing a 240,000-sf industrial loft building on 3.5 acres in Chicago’s hot Pilsen neighborhood at 2410 W. 18th St., offered at a minimum bid of $850,000. “This property can be used as is or torn down for commercial uses,” says Millennium Properties vice president Chad Firsel.

In addition, the sealed-bid auction will include 4227 N. Knox Ave., a 70,000-sf warehouse and manufacturing building offered for a minimum $1.55 million bid.

The Gold family is involved in the Chicago properties with other partners, Hyman tells GlobeSt.com. The sellers have five days after the sealed-bid opening to accept or reject the bids.