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ROLLING MEADOWS, IL-Marcus & Millichap has been retained by a local developer to bring to market the 122,000-square-foot Panasonic Building. The firm has listed the three-story office building at 5201 Tollview Road for $19 million, or $156 per square foot. The property offers a cap rate of 9.03 percent, and is 98.5% net leased, with 2% annual increases, to Panasonic Corp. of North America, which uses it as the Midwest headquarters.

The property is being marketed on behalf of the seller by Howard Wiese, VP of investments and senior director of Marcus & Millichap’s National Office and Industrial and Properties Group in Chicago. Located at the intersection of Interstate 90 and Route 53, with frontage along I-90, the building was recently renovated. It offers a new Carlisle roofing system, two new Otis passenger elevators, an updated granite lobby, new bathroom fixtures and a new deli.

The property is one mile north of Woodfield Mall, the fifth largest shopping center in the country, and 24 miles northwest of the Loop. Overall occupancy in the northwest submarket is around 74%, according to Cushman & Wakefield’s mid-year office market report. Asking lease rates in the submarket are around $21 per square foot, according to Cushman’s research.

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