Sales

Millennium Properties R/E recently sold a 31,050 square foot ground lease for a free-standing PNC Bank branch location in East Chicago. The site is the outlot for a Strack and Van-Til anchored retail center near the busy intersection of Indianapolis Blvd. and Chicago Ave. A West Coast investment fund purchased the ground lease, which has an initial cap rate of 6.6%.

Millennium Properties announced that it will be auctioning off a former church facility with two parking lots in the Pill Hill neighborhood of Chicago on August 14. Built in the 1990s, the church can support a large congregation with room for expansion. The 29,490 square foot parcel can also potentially be rehabbed or redeveloped and features more than 250’ of frontage on Stony Island.

Millennium Properties announced that it was recently named the exclusive selling agent for two single room occupancy hotels in Chicago that have a total of 108 rooms. Both properties are located on the south side, with a number of recent capital improvements made, and include the SRO II license from the city. SRO Hotels are a unique affordable housing option that has experienced a severe reduction in stock over the last few years.

Millennium Properties announced that it recently sold five lots, totaling 7.38 acres at a busy corner in Bolingbrook. At the southeast corner 115th St. and Weber Rd., the lots are graded and ready for development. The new owner intends to build a Dunkin’ Donuts franchise location on one of the lots with 373 feet of frontage on Weber Rd

Millennium Properties recently sold a 5.7 acre residential land site in Chicago’s Brighton Park neighborhood. Previous development plans for the site called for nine mixed-use buildings with up to 337 residences. The new owner plans to develop more than 35 three-flat buildings on the subdivided site.

Millennium Properties announced that it recently sold a 5,300 square foot restaurant on Cicero in Oak Lawn on behalf of a financial institution and the state of Illinois. The former Italian restaurant and pizzeria is located at 10745 S. Cicero Ave was occupied by Papa Joe’s for 25 years. Millennium Properties also managed the property for the bank during the receivership process.

Millennium Properties announced that it recently sold a 61,700 square foot former R&D facility at 3850 Clearview in Gurnee. The bank-owned facility was previously FDA approved and used for generic drug manufacturing.

Millennium Properties announced that it recently sold seven office condominiums, totaling 19,567 square feet. The units were part of a recently developed two-story office building in the Sky Harbor Business Park in Northbrook. The seven units Millennium sold ranged from vanilla-box condition to move-in ready with two units leased at the time of sale

Millennium Properties recently brokered the sale of a 57,760 square foot value-add medical office building in the East West Corridor of Chicago. The three story building, at 246 E. Janata in Lombard, is located in a prime location on Highland Ave. across from Yorktown Center and a short drive from Butterfield Rd and I-88.

Millennium Properties announces that it sold a 1.8 acre riverfront development site in the South Loop at auction for $7.75 million. Millennium Properties auctioned the site at 800 S. Wells on behalf of the bankruptcy court, securing a stalking horse bidder and overseeing the auction to qualified bidders. With 158’ of Chicago River frontage, the 77,258 square foot lot is currently used as parking for the adjacent River City Condominiums. Previously, plans were approved to develop a condo tower with 276 residential units and six townhomes.