Free Market Ventures picks up office building in Evanston, plans renovation

The Chicago firm is hoping to cash in on the strength of Evanston’s office market

Chicago /
Mar.March 29, 2019 03:30 PM
Jack Buck, Founder of Free Market Ventures and 820 Davis Street

Jack Buck, Founder of Free Market Ventures and 820 Davis Street

Free Market Ventures paid $10.6 million for an Evanston office building it plans to renovate and modernize.

The Chicago-based real estate investment firm picked up the five-story office complex at 820 Davis Street in Evanston, according to Marcus & Millichap, which brokered the deal.

Marcus & Millichap didn’t disclose the seller, but records show it was owned by Charles Happ of Winnetka-based Happ Management. The building was one of three Happ properties targeted in a $8.5-million foreclosure suit in 2011, Crain’s reported at the time.

The 76,000-square-foot office building is one block from the CTA Purple Line stop and the Metra train station in downtown Evanston. It was built in 1975, according to LoopNet.

The vacancy rate in the Evanston office market is less than 10 percent, better than 12.6 percent vacancy rate in Downtown Chicago at the end of 2018. Office rents have been “skyrocketing” in Evanston, real estate experts have said.

Late last year, toy tycoon Randy Rissman bought an office building on Davis Street in Evanston for $32.4 million.

With a planned renovation, Free Market Ventures’ new Evanston property will be well positioned to take advantage of the market, Marcus & Millichap’s Stephen Lieberman said in a statement.

“The office market in Evanston is extremely stable, particularly in the central business district, where 820 Davis is located,” he said.

Free Market Ventures invests in residential and commercial real estate in the Chicago area. The firm is currently looking to develop a 193-unit apartment tower in the West Loop.

Lieberman marketed the property and procured the buyer in the 820 Davis sale.


Related Articles

arrow_forward_ios
Citadel's Ken Griffin (Getty, iStock)
Griffin’s Citadel debates Chicago exit due to crime
Griffin’s Citadel debates Chicago exit due to crime
Linden’s Anthony Davis and110 North Wacker (Linden, Goettsch Partners)
Healthcare investor doubling Chicago office space with pricey Wacker Drive lease
Healthcare investor doubling Chicago office space with pricey Wacker Drive lease
Preservation Chicago's Ward Miller and Century Building (Tdl1060/ CC BY-SA 4.0 via Wikimedia Commons, LinkedIn)
Preservationists push to save Chicago’s Century, Consumers towers
Preservationists push to save Chicago’s Century, Consumers towers
Apollo's Marc Rowan and Kemper Lakes Business Center (Apollo Global Management, Kemper Lakes Business Center)
Suburban Chicago office complex sells to New York firm in priciest deal this year
Suburban Chicago office complex sells to New York firm in priciest deal this year
Michael Reschke with 115 South LaSalle Street (LinkedIn, LoopNet)
Chicago’s `Houdini’ prepares to double down on Chicago’s distressed LaSalle Street
Chicago’s `Houdini’ prepares to double down on Chicago’s distressed LaSalle Street
Life Time Work James O’Reilly and 14 West Superior Street (LinkedIn, Realtor)
Life Time bets clients will come for the gym, stay for the coworking space
Life Time bets clients will come for the gym, stay for the coworking space
Ace Hardware's John Venhuizen and John Paul DeJoria with Oak Brook reserve (Getty, Ace Hardware, Oak Brook Reserve)
Ace Hardware moving to ex-McDonald campus in Chicago expansion
Ace Hardware moving to ex-McDonald campus in Chicago expansion
From left: Edzard Overbeek, CEO, HERE Technologies and the Boeing Building at 425 West Randolph Street; Richard Edelman, CEO, Edelman and 111 North Canal Street (Edelman, HERE Technologies, LoopNet)
Chicago office subleases grow as Boeing building empties
Chicago office subleases grow as Boeing building empties
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...