Essex Sells $6M North Shore Office Portfolio

Chicago-based multifamily brokerage firm Essex Realty Group, Inc. recently facilitated the sale of three mixed-use properties located in the affluent north shore suburbs of Winnetka and Wilmette. The properties consisted of – 1215 Washington Avenue in Wilmette, and 723 Elm Street and 874 Green Bay, both in Winnetka.

The seller, a local investor, hired the Essex team of Doug Imber, Kate Varde, Jaimie Steinher, and Dan Shepherd to exclusively market the properties for sale. 874 Green Bay Road and 1215 Washington Avenue sold as a portfolio within 98% of list price to a local investor for $3,015,000. Imber, Varde, Steinher, and Shepherd also represented the buyer in this transaction. 723 Elm Street sold separately to a local investor for $3,150,000. Essex managing director Brian Karmowski represented the buyer in this transaction.

874 Green Bay Road is situated on the southwest corner of Green Bay Road and Tower Road, just one block south of the Hubbard Woods Metra station. This three-story building contains approximately 6,352 net rentable square feet currently divided among 29 offices. 1215 Washington Avenue is located just west of Green Bay Road and one-half block from the Wilmette Metra Station. This three-story building contains approximately 6,915 net rentable square feet currently divided among 12 office spaces. Lastly, 723 Elm Street is located on the northwest corner of Elm Street and Arbor Vitae Road, just east of the Winnetka Metra Station. The property is comprised of five apartment units and 13 commercial spaces.

All three buildings are well maintained and have undergone recent renovations. The Essex team is active in Wilmette and Winnetka. In October the team of Imber, Varde, Steinher and Shepherd also facilitated the sale of a 27 unit townhome portfolio that sold for $12.2M.