One of the biggest catalysts for change in the commercial real estate industry in upcoming years will be technology. However, for the most part, commercial real estate has been slow to change, adapting to new technology at a much more gradual pace. This is about to change.
Micheal Mintz, Vice President, recently brokered a lease for a 2,050 SF retail storefront in Andersonville. Smokes on Clark relocated from their previous location in Andersonville by securing a 10 year lease in the neighborhood.
Brad Thompson and Chet Evans recently brokered the sale of a 30,000 square foot multi-tenant warehouse in Wheeling. Located at 140 Shepard Rd., the infill building was fully leased at the time of sale and features 14’ ceilings, two docks and 10 drive-in doors.
Millennium Properties is a proud sponsor of Geoffrey Baer’s latest special, The Chicago River Tour. This new special on the architecture and history of the Chicago River premieres tonight on WTTW-11 at 7:30 pm.
Single-family rentals have long been the standard for individuals wanting to invest in real estate. One of the reasons this method is common is because it is familiar. In a good market, the homeowner has seen the equity in their own home rise over time, showing them the potential of this type of investment. This potential entices them to invest, sometimes without knowing what they’re getting into.
Despite a recent forecast from the National Association of Realtors, predicting that commercial real estate prices will plateau, the future for the commercial real estate market is still promising. While the price growth in the large markets is likely to flatten out, the sector overall will remain steady as smaller markets continue to see growth from an increase in leasing demand, as well as increased interest from investors.
Michael Mintz, a vice president of Millennium Properties R/E recently brokered the sale of a fully stabilized, 38 unit apartment complex in the heart of Cicero for $1.73 million. Mr. Mintz was the sole broker on the deal.
If you are thinking about selling a commercial real estate property, you may think you can save money by listing the property yourself. However, hiring a commercial real estate broker with experience listing commercial properties for sale can end up making you more money in the long run.
On September 14th, we will be selling a 10 acre parcel in Fountain Square in Waukegan through a sealed bid auction. The site is part of a mixed-use complex with retail, restaurants, apartments and hotels. This property is priced to sell with a minimum bid of less than $1.75 per square foot.
Our team recently brokered the sale of two fully leased retail centers in Chicago’s northwest and western suburbs. Both centers are in prime locations within each suburb’s downtown area. Chet Evans sold a 9,800 square foot, two building center adjacent to a CVS location in Barrington. Brad Thompson brokered the sale of a retail/office building adjacent to the Elmhurst Metra station that includes Lou Malnati’s as a tenant.
