Here are the top 5 office investment sales of January

The list includes 2 suburban medical complexes and 3 Downtown low-rises

TRD CHICAGO /
Mar.March 06, 2019 03:00 PM

From top left clockwise: Prairie Glen Medical Office Center, 180 North Wacker, 730 West Hubbard, and 1101 West Lake Street (Credit: Google Maps and LoopNet)

Two suburban medical campuses and three Downtown low-rises ranked among the priciest office properties to change hands in the Chicago area during January.

MBRE Healthcare shelled out more than any other buyer, paying more than $21 million to buy a medical complex in northwest-suburban Glenview.

The next two most expensive sales, in the Loop and River West, were for commercial buildings dwarfed by surrounding properties, suggesting their new owners could have redevelopment plans in store.

The five sales combined for some $51 million in total value, according to Cook County property records.

1. 2501 West Compass Road, Glenview | $21.1 million

Chicago-based MBRE Healthcare acquired the three-building Prairie Glen Medical Office Center in north suburban Glenview.

The firm, a division of MB Real Estate, bought the property from Titan Development Company and financed the property with a $66 million loan from Capital One, records show.

Last year, MBRE Healthcare bought 93,000 square feet of medical offices in Streeterville from Driftwood Hospitality Management.

2. 180 North Wacker Drive | $13 million

This six-story brick office building at 180 North Wacker was sold through an LLC managed by Gerald Lee Nudo, a principal at Marc Realty. Property records show the buyer as an entity of Chicago-based firm Greenstone Partners.

Tenants on the building’s ground level include Cafe Bonhomme and fitness studio The Bar Method.

3. 730 West Hubbard Street | $8.1 million

This two-story office building at the corner of Hubbard and Milwaukee avenues in River West traded hands on Jan. 14 for $8.1 million, according to property records.

The seller is an entity managed by architect David Mason, whose namesake firm has an office inside the building. The buyer signed the deed under the name of a Delaware-based entity called MH Building LLC.

4. 3335 North Arlington Heights Road, Arlington Heights | $4.5 million

An entity of Skokie-based developer Next Realty bought this cluster of single-story medical office buildings in northwest suburban Arlington Heights, records show. The seller was Glencoe-based Sebs Properties.

Next Realty lists 29 properties in its portfolio, including six office and retail buildings in Chicago.

5. 1101 West Lake Street | $4.2 million

Rick Stern and Ron Grason, two leaders of the Chicago-based tech firm Nitel, sold two office suites inside the six-story building at 1101 West Lake Street. The buyer was Miami-based real estate investor Dan Arev, records show.


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