MPI Sells Two Value-Add Office Buildings in Olympia Fields

Millennium Properties R/E, serving as the exclusive sales advisor to the lenders, recently completed the sale of two bank owned office buildings within Governors Park, a well-established business park in south suburban Olympia Fields.

3615 Park Dr., a 38,067 square foot office building, was substantially leased to four tenants at the time of sale. The three story property features frontage on Vollmer Rd. and Park Dr., proximity to St. James Hospital as well as a full basement built out for occupancy.

With a prominent corner location, 20060 Governors Highway is one of the most visible offices in Governors Park. This 21,114 square foot, three story office building is largely occupied by medical users.

“So far in 2013, investors have been looking beyond fully stabilized properties for opportunities that position their portfolios for future growth,” said Greg Block, executive president at Millennium Properties.

“Many banks are taking advantage of the increased demand for value-add opportunities and are increasing the pace of sales, seeking to monetize their real estate assets,” stated Brad Thompson, vice president for Millennium Properties.

“Investor demand has driven prices for value-add properties to their highest level in five years,” added Daniel J. Hyman, president of Millennium Properties. “As the receiver on more than 140 properties, we have provided our market knowledge and expertise to an increasing number of local and national lenders.”