News
LUCKY #7
March 22, 2010
| Regardless of your opinion on the healthcare bill passed last night, you won't have to live long to see Marcus & Millichap's Howard Wiese sell his eight office building listings. He sold his seventh, the 55k-SF 2021 Midwest Road in Oak Brook, for $6.5M last week, to a private east coast investor, in a 1031 exchange. | |
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| Howard says he used his contact list and logic to match up investors with properties in Des Plaines, Itasca, and Springfield. It didn't hurt that none of the seven were considered distressed. Howard tries to focus on marketing buildings that are well-maintained and in solid submarkets. The buildings ranged from 65% leased (the pair in Des Plaines) to 93% (Midwest Plaza in Oak Brook). | |
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Above, the Oak Brook building. Five of his last six transactions have sold to all-cash buyers. The Des Plaines properties sold because Howard alerted a nearby business owner who had a general interest in the area. He's still working on closing that last listing from 2009. |
