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Sold Properties
The following are properties which have been sold by the principals and associates of DK Realty Partners. For additional information, please call or e-mail the contact listed with each property.
DK Realty Partners sells BANK OWNED PROPERTY
DK Realty Partners announces the sale of 330 E. Washington Blvd., Lombard, a bank-owned three bedroom, two-bath, brick home sold as-is within 5 days of listing. The property was in need of major rehabbing, but the location was the appeal: On a nice lot in the center of town. Michael S. Milcarek of DK Realty Partners prepresented the bank in the sale. If you would like additional information on the property, call or e-mail Mike mike@dkrealty.com or 224/456-5152.
DK REALTY PARTNERS CLOSES ON AUCTION SALE OF Cap Juluca, Maunday Bay, Anguilla, British West Indies
The greater part of the real estate comprising the Cap Juluca resort, a five-star Anguilla island escape for the world’s notable rich and famous, was old at a public auction Wednesday, May 2, 2012 as part of a restructuring process towards debt obligations owed to the original developer.
Regularly ranked among the best resorts in the Caribbean, Cap Juluca is most renowned for its pristine beaches and quiet atmosphere, operating with consistently high occupancies at an annual average daily rate in excess of $900. This fully developed 95-room beach resort has a strong and steady revenue stream in all economic cycles, as a result of its high profile clientele who are drawn to its elegance and privacy.
Situated on the southwest coast of Anguilla, Cap Juluca has become, to the discerning Caribbean vacationer, what the Cipriani is to Venice, by offering the privacy and exclusivity that its miles of white sand beach allow. While only 25 minutes by boat from St. Maarten/St. Martin and 45 minutes from St. Barths, with their international flavors in shops, restaurants and gambling, Cap Juluca remains the essence of romance and tranquillity for a unique island getaway.
If you would like additional information on the property, call David Kaufman at 847/275-2489 or kaufmand@dkrealty.com.
DK Realty Partners negotiates lease deal for First Bank and Trust Company of Illinois.
The 29,484 sq. ft. former day care school at 20080 Governor’s Drive, Olympia Fields, Illinois was leased to Steps for Success Day Academy, a not-for-profit school represented by Grubb & Ellis.
If you would like more additional information on the property, contact Rhonda Foster at 847/397-8900 x222 or rhonda@dkrealty.com.
DK REALTY PARTNERS closes ON LEASE DEAL WITH STATE FARM IN THE CLYBOURN CORRIDOR OF CHICAGO, IL
DK Realty Partners, LLC represented State Farm in a lease deal for space at 1611 N. Clybourn, Chicago, IL. The space is a 990 sq.ft. retail space in the heart of the Clybourn Corridor.
If you would like more additional information on the property, contact Rhonda Foster at 847/397-8900 x222 or rhonda@dkrealty.com.
DK REALTY PARTNERS closes ON VACANT BANK OWNED RESTAURANT IN SKOKIE, IL
Paul Demik and Tyler Neptune of DK Realty Partners, LLC announce the bank ordered sale of 4925 Dempster Street, Skokie IL in the Schaumburg Centex Industrial Park.
The property is a vacant one-story, 1,400+/- square foot fast food restaurant in a busy commercial area of Skokie. All restaurant equipment is in place. There is a dining area plus counter and kitchen area with walk-in freezer and walk-in cooler. Ample off-street parking in the rear of the site.
Paul Demik notes, “This property is an excellent turn-key operation!”
The property sold for $355,000
If you would like additional information on the property, contact Paul Demik at 847/397-8900 x217 or pdemik@dkrealty.com or Tyler Neptune at 847/397-8900 x225 or tyler@dkrealty.com
DK REALTY PARTNERS closes THREE HIGH-QUALITY COMMERCIAL INVESTMENT PROPERTIES IN NORTHWEST SUBURBAN CHICAGO
Paul Demik of DK Realty Partners, LLC announces the sale of 1291 Humbracht Circle in Bartlett, IL; 3350 Salt Creek Lane in Arlington Heights, IL and 1020 Lunt Avenue in Schaumburg, IL.
1020 Lunt Avenue, Schaumburg, IL in the Schaumburg Centex Industrial Park, is a modern industrial building containing seven (7) individual units for a combined total of 16,100 sq.ft and 100% occupancy. Units range in size from 2,300 to 4,600 sq.ft. All units have individual restrooms, shop sinks and a minimum of 100-200 amp, 3-phase wiring (several units have 600-800 amp service). There is also a 200 sq.ft. office area with separate HVAC unit. The warehouse has a service door and 10' x 10' overhead and contains a 150,000 BTU, ceiling-hung heating unit.
It is located in the Schaumburg Centex Industrial Park, one block north of the Elgin/O’Hare Expressway, allowing easy access to and from Route 53 and I-355.
The property sold for $825,000
1291 Humbracht Circle, Bartlett, IL is a 50,080 sq.ft. single-story distribution center consisting of finished office space as well as warehouse facilities with 24-foot ceilings. Parking for 66 vehicles is located at the front and side of the building and the site is attractively landscaped. Quality construction, excellent location and a very attractive investment!
The property is ideally located within the dynamic Brewster Creek Business Park at Sterns and Munger Roads, 1 mile west of Route 59 in Bartlett, IL. Access is one of the park’s key features with Elgin-O’Hare three miles to the east; I-90 five miles to the north; I-290 ten miles to the east and I-355/Rt. 53 via the Elgin-O’Hare
The property sold for $3,875,000
3350 Salt Creek Lane, Arlington Heights, IL in the Arlington Business Center is a 40,172 multi-tenant office building. Units consist of office areas and storage space with 12 foot ceilings. All leases are on a net basis with tenants paying their proportionate share of real estate tax and CAM, as well as interior maintenance and replacements. The property is 95% occupied, anchored by Northwest Community Hospital. Location: Arlington Business Center is located within Arlington Park International Racetrack Grounds in northwest suburban Arlington Heights, just east of Rt. 53 and just north of I-90
The property sold for $3,275,000
If you would like additional information on the property, contact Paul Demik at 847/397-8900 x217 or pdemik@dkrealty.com
DK REALTY PARTNERS Closes on Vacant Bank Owned Gas/Convenience Store in Hobart, IN
Paul Demik and Tyler Neptune of DK Realty Partners, LLC announce the bank ordered sale of 4600 W. 37th Avenue in Hobart, IN.
The property is a vacant one-story, 1,869 sq. ft. Gas Station/Convenience Store located 300 yards west of Interstate Highway 65 on/off ramp. The property includes three gasoline pumps and islands with six fueling stations; 1 - 1,193 square foot canopy over the islands; and three underground gasoline storage tanks, two having 8,000 gallon capacities, and one with a capacity of 10,000 gallons. In addition, there is a concrete and asphalt paved parking area containing 20 marked parking spaces.
The property sold for $260,000
If you would like additional information on the property, contact Paul Demik at 847/397-8900 x217 or pdemik@dkrealty.com or Tyler Neptune at 847/397-8900 x225 or tyler@dkrealty.com
DK REALTY PARTNERS closes sale of commercial building in arlington heights
DK Realty Partners, LLC announced the sale of 1975 E Rand Road in Arlington Heights, IL.
The property is a one-story retail/commercial building, 7,021 sf, divisable as a 5,000 sf showroom, and a 2,000 sf shop area. Lot size is 32,489 sf, recent upgrades @$300,000.
The property is located on the west side of Rand Road, in a well established and thriving commercial community. Adjacent neighbors include uses such as; local merchants, restaurants, professional offices, as well as national retail chains. High traffic count.
The Property sold for $800,000.00.
View Property Information Package
If you would like additional information on the property, contact Paul Demik at 847/397-8900 x217 or pdemik@dkrealty.com
DK REALTY PARTNERS closes sale of chicago apartment building
DK Realty Partners, LLC announced the sale of a multi-family building located at 5334 W Madison Street, Chicago, IL.
The property consists of a 3-story multi-family bldg., containing 42-2-bedroom, and 6-3-bedroom units. Total gross bldg. 63,086 sf, with net rentable area of 53,700 sf, with average unit size of 1,118.75 SF.
The property is located on the north side of Madison Street with 312.72 foot frontage, and 121 foot depth on both Long and Laurel Avenues. Transportation is readily available, and the area offers an excellent employment base.
The Property sold for $850,000.00.
Download Brochure View Bidders Information Package
If you would like additional information on the property, contact Paul Demik at 847/397-8900 x217 or pdemik@dkrealty.com
DK REALTY PARTNERS closes sale of 32 unit courtyard building
DK Realty Partners, LLC announced the sale of the lovely 32 unit red pressed brick courtyard building located at 5039-45 N Springfield Avenue, Chicago, IL.
The building is an approximately 22,776 square foot three-story plus basement, built circa 1932, masonry constructed, courtyard apartment building, containing a total of 32 units. The building consists of 30 above grade units and 2 garden units containing 26 one bedroom, one bath units and 6 studio units. The property has been poorly managed and as a result suffers from significant deferred maintenance. It is divided into five tiers, two of which have seven units and the others have six units each. The one bedroom apartments generally consist of a living room, dining room, kitchen and one bedroom. The garden apartments consist of a living room, kitchen and one bedroom.
Full, unfinished basement with newer gas fired steam boiler and two A.O. Smith 81-gallon water heaters that are approximately three years old. There are two garden apartments located in the basement as well.
Facing west, the site is rectangular and is located on the east side of Springfield Avenue 127 feet south of Carmen Avenue with Harding Avenue to the east and Avers Avenue to the west in Chicago, Illinois. Springfield Avenue is asphalt paved two way, north/south street in average condition. There is on-street parking available. 16± foot paved alley along the east lot line.
Albany Park is a well located community on Chicago' s North West side whose population has increased by 16.5% in the last decade. The 60625 zip code area, in which it is located, has 17 parks and two community gardens and is home to Roosevelt and Amundsen high schools as well as Northeastern Illinois University and North Park University.
The Property sold for $1,280,000.00
Download Brochure View Bidders Information Package
If you would like additional information on the property, call David Kaufman at 847/275-2489 or kaufmand@dkrealty.com.
DK REALTY PARTNERS closes sale of Lakewoods corporate center
DK Realty Partners, LLC announced the sale of Lakewoods Corporate Center located at 650 East Algonquin Road, Schaumburg, IL.
Lakewoods Corporate Center is an approximate 81,431 net rentable square foot building with 80,625 of net square footage. The 4-story deluxe multi-tenant reflective blue glass and steel frame building was erected in 1987. The building site consists of 5.682 acres & includes the main drive off Algonquin Road & the internal roadway connecting to Quentin Road. Adjacent property owners consisting of KinderCare & a vacant development site (once developed) pay their proportionate share of driveway maintenance.
Lakewoods Corporate Center is located in the Northwest Suburban area of the Chicago MSA whose growth was created with the advent of the Northwest Tollway (I-90). Booming Schaumburg' s current population is estimated to be approximately 75,000. Woodfield Mall the country' s largest retail square footage under one roof is minutes away. Office and residential growth has occurred in all directions around the mall. The proximity of affluent residential communities such as Barrington and Inverness, as well as the availability of a diverse workforce continues to draw major corporations to the Northwest Suburban office market. The new Renaissance Schaumburg Hotel & Convention Center offers 148,000 feet of technologically enhanced meeting space. The international headquarters of Motorola is a half mile east.
The Property sold for $6,500,000.00.
Download Brochure View Bidders Information Package
If you would like additional information on the property, call David Kaufman at 847/275-2489 or kaufmand@dkrealty.com.
DK REALTY PARTNERS CLOSES ON 5,660 square feet retail center in burbank, il
Paul Demik of DK Realty Partners, LLC announces the sale of State Road Mall at 5445-5451 W. 79th Street, Burbank, IL.
The property consists of a modern one-story multi-tenanted 5,660 sq. ft. strip center, containing 4 units ranging in size from 1,200 sq. ft. to 2,000 sq. ft. Amenities include attractive façade, professional landscaping, unique pitched roof, and ample parking space. All units are leased on a net basis with tenants paying their proportionate share of real estate taxes, common area expenses, and property management fees. The property is well-maintained and offers an astute investor an excellent investment opportunity.
The property in conveniently located at a traffic lighted intersection on the southeast corner of 79th Street and State Road, 2 blocks east of Central Avenue and 7 blocks west of Cicero Avenue, two heavily traveled thoroughfares. The suburb of Burbank is on the southwest edge of the city of Chicago, roughly 2 miles from Midway International Airport.
The property sold for $1,025,000.
If you would like additional information on the property, call Paul Demik at 847/397-8900 x217 or pdemik@dkrealty.com.
DK REALTY PARTNERS CLOSES ON a UNIQUE INVESTMENT OPPORTUNITY IN A HIGHLY-COVETED WEST LOOP LOCATION
Paul Demik of DK Realty Partners, LLC announces the sale of 950 W. Monroe Street, Chicago, IL.
The property consists of a NNN Corporate Leased 7-Eleven, comprised of 1,970 square feet of retail space and 548 square feet of office space, totaling 2518 square feet of rentable space. Amenities and features include long-term corporate-backed lease with national tenant, highly-coveted West Loop location, traffic-lighted intersection, attractive signage, and 2 indoor parking spaces conveniently located in the building’s heated garage.
The property is located on the northeast corner of Monroe and Morgan in Chicago’s trendy West Loop. It currently serves as the main retail space for the “Residences at 950 W. Monroe”, a luxurious 101-unit condominium project completed in 2005. Conveniently located near a wide-array of public transportation, I-94 and I-290, as well as the many shops and restaurants the West Loop has to offer. The subject presents a unique opportunity to acquire an investment that will continue to experience great appreciation in one of the more affluent neighborhoods in the City of Chicago.
The property sold for $1,425,000.
If you would like additional information on the property, call Paul Demik at 847/397-8900 x217 or pdemik@dkrealty.com.
DK REALTY PARTNERS CLOSES ON BANK OWNED 100% LEASED COLD STORAGE FACILITY IN SCHILLER PARK, IL
Paul Demik and Tyler Neptune of DK Realty Partners, LLC announce the bank ordered sale of 4260 N. River Road, Schiller Park, IL.
The property is a fully leased, two-story, 14,270 sq. ft. cold storage facility. The property includes 8,330 sq. ft. of freezer / cooler space and a USDA-approved facility.
The property sold for $1,115,000
If you would like additional information on the property, contact Paul Demik at 847/397-8900 x217 or pdemik@dkrealty.com or Tyler Neptune at 847/397-8900 x225 or tyler@dkrealty.com
DK REALTY PARTNERS CLOSES SHOPPING CENTER IN GURNEE, IL
Paul Demik of DK Realty Partners, LLC announces the sale of 1810 N. Delany Road, Gurnee, IL.
The property is a 27,172 sq.ft shopping center. Situated on a 2.48 acre. corner site, the center offers easy visibility, tremendeous curb appeal, with arch facades highlighting the centers covered walkways and a unique patio courtyard with seating. There is parking for 134 vehicles with a parking ratio of 4.89 / 1,000..
It is located at a centralized corner of Delany Road and Porett Drive which has a traffic count of over 26,000 vehicles per day.
The property which has a 93% occupancy rate and a net income of $361,995 sold for $4,200,000.
View Property Information Package
If you would like additional information on the property, call Paul Demik at 847/397-8900 x217 or pdemik@dkrealty.com.
DK REALTY PARTNERS CLOSES ON RAINBOW PATH DAYCARE CENTER IN LIBERTYVILLE, IL
Paul Demik of DK Realty Partners, LLC announces the sale of 1298 S. Milwaukee Avenue, Libertyville, IL.
The property is a 7,013 sq.ft. one-story building utilized as a day care center which contains 6 individual classrooms. Each classroom features an open design and contains a partitioned washroom. In addition, there are 4 smaller rooms: 1 administrative office, 1 utility room, 1 kitchen and 1 reception area The site has an asphalt-paved parking lot with 12 parking places, plus 1 additional handicapped space. The northern and eastern portions of the site function as outside, fenced playground areas containing playground equipment.
The building sits on an out-lot adjacent to the Red Top Shopping Center on Milwaukee Avenue (Illinois Route 21) in Libertyville, Illinois. The site is currently net-leased to Knowledge Learning Corporation, and has operated as a child care center since its construction in 1981. The location is ideal for a child care center, learning center or professional offices.
The property sold for $1,050,000.
View Property Information Package
If you would like additional information on the property, call Paul Demik at 847/397-8900 x217 or pdemik@dkrealty.com.
DK REALTY PARTNERS CLOSES ON THREE HIGH QUALITY RETAIL CENTERS
Paul Demik of DK Realty Partners, LLC announces the sale of 943-955 N. McLean Boulevard, Elgin, IL; 405 Eola Road, Aurora, IL; and 27W093-27W121 Geneva Road, Winfield, IL.
943-955 N. McLean Boulevard, Elgin, IL in the Walgreen Center consist of a modern fifteen year old, one-story, multi-tenant, 24,000 sq. ft. retail center containing ten units ranging in size from 1,050 sq. ft. to 12,000 sq. ft. Amenities include attractive facade, abundant parking, and professional landscaping. In addition to Walgreens (50% anchor tenant), the strong mix of tenancy includes familiar names such as Bo-Rics, Check 'N Go of Illinois, Jackson-Hewitt Tax Services, Curves, and Papa Saverios Pizza.
This property sold for $4,350,000.
405 Eola Road, Aurora, IL in the Eola Commons consists of a modern eight year old, one-story, multi-tenant, 24,000 sq. ft. retail center containing 13 units ranging in size from 940 sq. ft. to 3,500 sq. ft. In addition to the center, included is an out lot leased to McDonald's Corporation through 2020. Amenities include attractive facade, abundant parking, upscale landscaping, as well as being located one door north of Walgreens. Ideal neighborhood center tenant mix include: L.A. Tan, H&R Block, State Farm Insurance, cleaners, florist, medical, and pancake house.
This property sold for $6,000,000.
27W093-27W121 Geneva Road, Winfield, IL in Winfield Point consists of a modern seventeen year old, one-story, multi-tenant, 20,000 sq. ft. retail center containing nine units ranging in size from 1,000 sq. ft. to 6,925 sq. ft. Amenities include attractive facade, high visibility location, parking for over 100 vehicles, professionally landscaped, with an entire new parking lot (2005). In addition to Winfield Community Bank (35% anchor tenant), the strong retail mix includes Dunkin Donuts, Mailboxes, Etc, Jake's Pizza, cleaners, dentist, and liquor store.
The property sold for $4,650,000.
If you would like additional information on the property, call Paul Demik at 847/397-8900 x217 or pdemik@dkrealty.com.
DK REALTY PARTNERS closes on 2 restaurant buildings
Paul Demik of DK Realty Partners, LLC announces the sale of 2507 S. 95th Street, Evergreen Park, IL and 5714 W. 159th Street, Oak Forest, IL.
2507 S. 95th Street, Evergreen Park, IL is a one-story 4,740 +/- sq. ft. restaurant with foyer entrance; seating in tables, booths and counter with stools for approx. 175; a full kitchen with walk-in cooler for refrigeration, freezers, broilers, deep-fryers, ovens, grills and ventilation equipment; and two washrooms. The site is 26,000 +/- sq. ft. with 208 +/- feet of frontage on 95th Street and access from both 95th Street and Maplewood. There is a 16 foot asphalt paved alley along the rear of the property. The site has approximately 30 asphalt-paved parking spaces including handicapped accessible.
The property is situated along a strip of 95th Street with various other restaurants and retail shopping centers, including Evergreen Shopping Mall. The Drury Lane Theater is located across the street and Little Company of Mary Hospital is located two blocks west. Access to I-90/94 is approximately 6 miles west of the property; and PACE buses linking to the CTA are available along 95th Street.
This property sold for $1,130,000.
5714 W. 159th Street, Oak Forest, IL is a one-story 4,730 +/- sq. ft. restaurant with foyer entrance; seating in tables, booths and counter with stools for approx. 175; a full kitchen with walk-in cooler for refrigeration, freezers, broilers, deep-fryers, ovens, grills and ventilation equipment; and two washrooms. The site is 36,750 +/- sq. ft. with 147 +/- feet of frontage on 159th Street and access from both 159th Street and Peggy Lane. The site has approximately 50 asphalt paved parking spaces including handicapped accessible.
The property is situated along a strip of 159th Street with various other restaurants and retail shopping centers, including Orland Park Shopping Center. The George Dunne Forest Preserve National Golf Course is located across the street. Access to I-571/I-80 junction is approximately ½ mile south of the property and PACE buses linking to the CTA are available along 159th Street. The Metra Commuter Rail station is less than 1 mile east at 159th and Cicero Avenue.
This property sold for $500,000.
If you would like additional information on the property, call Paul Demik at 847/397-8900 x217 or pdemik@dkrealty.com.
DK REALTY PARTNERS CLOSES ON MEDICAL SUITE IN UPSCALE AND IMMACULATE MEDICAL PROFESSIONAL BUILDING IN LOMBARD, IL
Paul Demik of DK Realty Partners, LLC announces the sale of Unit 370 at 2340 Highland Avenue, Lombard, IL.
The property is in the Highland Medical Center. It is an immaculate and attractive 2350 s.f. medical office suite located on the third floor of upscale 43,500 s.f. “medical only” specialty building. The building is a beautiful precast and stone finish located on 165 feet of Highland Avenue frontage. The first floor of the building houses and upscale pharmacy, commercial clinical lab with balconies on each floor overlooking the atrium. The building sits on 88,700 s.f. of land located on the corner of Highland Avenue and Janata Boulevard with parking for 168 vehicles. Easy access from both directions on Highland with a left hand turn lane.
The property is ideally located for medical professionals in the area. Only minutes to Good Samaritan Hospital and Hinsdale Hospital. Located just minutes from I-88, I-355, Butterfield Road and Highland Avenue, this office is convenient for just about everything. Directly across the street from Yorktown Shopping Mall.
The property sold for $225,000.
If you would like additional information on the property, call Paul Demik at 847/397-8900 x217 or pdemik@dkrealty.com.
DK REALTY PARTNERS INKS MULTI-MILLION DOLLAR SALE OF
TWO COMMERCIAL PROPERTIES IN BLOOMINGDALE AND EAST DUNDEE, IL
Commercial properties built in 2002 have 15-year net leases to Tutor Time Learning Systems.
DK Realty Partners, LLC announced the negotiated sale of two commercial buildings located at 234 W. Lake Street, Bloomingdale, IL and 850 Main Street, East Dundee, IL. The transaction consisting of two three-year-old 10,000 square foot free standing brick buildings, and two 5000 square foot enclosed outside playground sold for $4,650,000. The property is leased by Tutor Time Learning Systems.
As part of a partnership liquidation, DK Realty was selected to handle the marketing, negotiation and sale of the two properties. DK Realty has over 20 years of experience handling these types of transactions and has a proven track record in both commercial real estate sales and property management functions.
“In this type of situation, the liquidation of commercial real estate lends itself to a greater sense of urgency,” said Paul G. Demik, Managing Partner, DK Realty. “You have to look for expediency of the transaction, without minimizing the value of the deal. These properties actually were a win-win situation for both buyer and seller. The seller received their price, and the buyer purchased two properties with long term leases and plenty of upside potential.”
If you would like additional information on the property, contact Paul Demik at 847/397-8900 x217 or pdemik@dkrealty.com
DK REALTY PARTNERS CLOSES MILLION DOLLAR SALE OF two high-quality office and industrial complexes
Commercial property located near Route 53 and Dundee Road, situated in growing business / office park area
DK Realty Partners, LLC announced today the negotiated sale of a commercial building located at 11 W. College Avenue, Arlington Heights, IL. The transaction was a 27,000 square foot one-story, multi-tenant office / service building selling for $1,625,000. The property at the time of sale was nearly 100 percent leased.
DK Realty was selected based on a track record in the area and their expertise in marketing, and ensuring that the seller realized close to their asking price, while helping the buyer secure a valuable investment. DK Realty has over 20 years of experience handling these types of transactions and has a proven track record in both commercial real estate sales and property management functions.
“The area near Route 53 and Dundee Road is seeing a resurgence in popularity for business. It used to have a dominant industrial presence,” said Paul G. Demik, Managing Partner, DK Realty. “Our understanding of these trends, really helped us in marketing the property and ensuring that the seller and buyer felt it was a mutually beneficial real estate transaction.”
Office / Warehouse in DuPage County with easy access to O'Hare Airport and excellent highway links
Paul Demik of DK Realty Partners, LLC announces the sale of 1077-1091 Entry Drive, Bensenville, IL.
The property consists of an attractive single-story multi-tenanted office / warehouse building, containing a total of 30,160 rentable sq. ft., comprised of 8-rental units of 3,770 sq. ft. each. The property is approximately 25% of the total space consisting of office, with the balance utilized as warehouse / storage area. Amenities include blacktop paved parking for approximately 50 vehicles, attractive landscaping, and abundant lighting.
The property is ideally located on the east side of Entry Drive, approximately 1 block north of Grand Avenue, and ½ mile west of York Road. The location focuses tenant interest in companies demanding easy access to O’Hare Airport, excellent highway links, as well as DuPage County Location.
The property sold for $1,800,000.
If you would like additional information on the property, contact Paul Demik at 847/397-8900 x217 or pdemik@dkrealty.com
DK REALTY PARTNERS CLOSES SALE OF NAPERVILLE, IL RAILWAY PLAZA PROFESSIONAL BUILDING AND LAND PARCEL PART OF PUD PROJECT
Professional building near train station and highways for easy access to city and outlying suburbs -- Perfectly situated near residential community with ample commercial and retail shopping located nearby.
DK Realty Partners, LLC announced today the negotiated sale of the Railway Plaza Professional Building located at 507 Fairway Drive, Naperville, IL. The transaction consisting of a three-year-old 9081 square foot free standing brick building, and an attached 43,528 square foot land parcel sold for $1.25 million. The land parcel is part of a large PUD consisting of two retail centers, a childcare center and an upscale, free standing restaurant.
The Railway Plaza is located at the South Naperville Railroad Station and is ideally suited for commuters. “This building is really a great fit for professionals that may need to go into the city for a meeting or have business in the surrounding suburbs,” said Paul Demik, Partner of DK Realty Partners. “Naperville has been cited as one of the best places in the country to raise a family, and this town has a proven ability to plan and attract businesses of all types, making Naperville a desirable commercial and residential place for real estate development and investment.”
The purchaser of the Railway Plaza was by a private investor that maintains significant real estate holdings in the Naperville, IL area. DK Realty Partners, LLC was selected to sell the property based on its proven track record of promoting and completing real estate transactions in both commercial and retail environments.
“The commercial real estate market in 2005 should be strong for us,” said Demik. “We are seeing significant real estate transaction opportunities across the board in terms of geography and applications. Additionally, a wide variety of creative financing options is available, reinforcing interest in buyers and investors.”
If you would like additional information on the property, contact Paul Demik at 847/397-8900 x217 or pdemik@dkrealty.com
DK Realty Partners Closes On Property in Excess Of $25.5 Million in Two Sales
David M. Kaufman, CCIM, a principal of Schaumburg based DK Realty Partners, LLC (www.dkrealty.com), has announced the closings of the sales of two shopping centers for a total consideration of $25,525,000.
The 90,000 square foot four year old ROCKFORD CROSSING SHOPPING CENTER, located at the northwest corner of State and Perryville Roads in Rockford, Illinois sold for $14,325,000. Tenants in the property included Best Buy, Linens ‘n Things, Hallmark Card, Quiznos and Great Clips. “We were able to generate nine firm offers in a very short period of time and marketed heavily through the use of the Internet including placement of all due diligence materials on a restricted website thus streamlining our sale process and substantially reducing the purchaser’s due diligence period. The marketing budget only required $5,000.” said Mr. Kaufman.
According to Stephen A. Weiss, a principal of the seller, Halyard Group, LLC, “This sale represented a return to our investors of over 80% on their invested capital in addition to their annual cash flow of 10% during the two and a half year holding period.”
Another principal of Halyard Group, LLC, Larry Blankstein, commented, “Our firm owns property principally in the Chicago area and the Midwest. We are currently negotiating to acquire three new properties. We’ll buy fully rented property or, similar to the Rockford Crossing Shopping Center, we will acquire, finish build outs and complete the leasing of investment properties.” Lincolnwood, Illinois based Halyard Group, LLC (www.halyardequities.com) is a commercial real estate investment firm that makes investments in income property available to qualified investors.
The purchaser of the property was Kimco Realty (NYSE: KIM) which is the nation's largest publicly traded owner and operator of neighborhood and community shopping centers, with almost 700 properties in 40 states, comprising approximately 100 million square feet of leasable space.
Halyard Group, LLC was represented by Martin Becker and Beth Sansiper of the Highland Park, Illinois based law firm, Becker & Gurian. Mr. Kaufman was the sole broker in the transaction.
The 94,400 square foot 47 year old GREEN OAKS SHOPPING CENTER located at the southeast corner of 95th and Cicero in Oak Lawn, Illinois was closed for $11,200,000 as a result of a public live cry auction conducted by Mr. Kaufman at The Union League Club of Chicago. Green Oaks has approximately 92,000 square feet of in-line stores and a one story 2,400 square foot building on an out-lot pad that is occupied by Wendy's.
Green Oaks has a total of 17 tenants and the center enjoys 100% occupancy. Tenants include Marshalls, Carpetland, Sav-a-Lot, H&R Block, American Vision, Hair Cuttery, Sylvan Learning Center and Leslie Pool Supply. The center is located four miles East of I-294 (Tri-state Tollway) and five miles West of I-94 & I-57. The property was free and clear at the time of the offering and was sold by the original developer’s land trust.
Mr. Kaufman said, “This property sold at price reflecting a 7.75% capitalization rate in an absolute live bidding auction. There was no reserve nor minimum bid. The sale contract allowed no due diligence period, no mortgage contingency and furthermore, required $100,000 cashiers checks for bid deposits with a requirement on the high bidder to increase the earnest money to 5% of the high bid at the conclusion of the bidding. The contract also required that the buyer was accepting the property in ‘as-is’ condition.
“In spite of these requirements, there were 17 registered bidders and given its age and condition the property commanded a strong price in 6 minutes of bidding. All this was accomplished with a marketing budget of less than $20,000”
Green Oaks was purchased by a private investor.
Attorneys for the parties included Lawrence Ordower of Ordower & Ordower, Michael Kurtzon of Schwartz, Cooper, Greenberger & Krauss and Mark L. Karno of Mark L. Karno & Associates (all Chicago based law firms). Mr. Kaufman was the sole broker in this transaction as well.
If you would like additional information on the property, call David Kaufman at 847/275-2489 or kaufmand@dkrealty.com.
DK REALTY PARTNERS CLOSES SALE OF LAKE GENEVA, WI
COMMERCIAL RETAIL/RESIDENTIAL PROPERTY –
LOCATION IN HEART OF GROWTH MARKET
Lake Geneva market continues to attract business and real estate investors, building on a very attractive location for retail, residential and investment real estate.
DK Realty Partners, LLC announces the negotiated sale of N 3310 County Road H, Lake Geneva, WI. The single-story building, formerly the site of a family-run 20 year-old business (Go-Fer-It), sold for $289,000. The location will continue to be a site for a retail business, serving as a second location for Dick’s Small Engine Repair. (The other location is in nearby Fontana, WI). The property also has attached living quarters, which includes three bedrooms, three baths, sauna, large living room and fireplace.
The 6,350 square foot facility is located approximately two miles north of growing, downtown Lake Geneva, WI. The commercial portion of the building consists of a showroom with loading dock, parts inventory room and a work and service shop. “We are seeing a strong “demand” trend for the Lake Geneva market,” said Paul Demik, DK Realty Partners. “However with this trend, the community is doing a great job of keeping a perfect balance of commercial/retail growth, with the steady increase of residential expansion.”
“DK Realty Partners really understood our needs as a seller, but it was their track record in the WI market that made us feel comfortable in enlisting them to market and sell our property,” said Sue Kendzior, seller/owner of Go-Fer-It. “More importantly, our contact Paul (Demik) made the sale process seamless for us. He handled everything from advertising, sales activities, negotiation and, of course, close-of-sale. The end result was a positive experience for us both in ease of process and and in receiving the optimum value for our property.”
Please contact Paul Demik at 847/397-8900 x217 or pdemik@dkrealty.com for details of the sale.
DK REALTY PARTNERS INKS 5-YEAR LEASE WITH WOLOWICKI & ASSOCIATES IN LAKEWOODS CORPORATE CENTER – SCHAUMBURG, IL
Wolowicki & Associates Bucks Real Estate Vacancy Trend By Upgrading to Desirable Schaumburg Area.
DK Realty Partners, LLC announced today the negotiated 5-year lease for 25-year-old accounting firm, Wolowicki & Associates, LLC at 650 E. Algonquin Road, Suite 200, Schaumburg, IL – Lakewoods Corporate Center. Wolowicki & Associates moved from Downers Grove, Illinois to the new location, driven by market needs and the ability to build-out the new space to meet their unique business requirements. The deal was inked by DK Realty Partners who represented landlord, Halyard Lakewoods, L.P.
“We were looking for a building that would be flexible in giving us a business environment that could upgrade our presence to the market, while also meeting the geographic criteria we had in mind,” said Jerry Wolowicki, Partner, Wolowicki & Associates. “This building is really a perfect fit for us. We are close to our clients so they can visit us and the client’s who are not so close, we are right near the highways. And as for our employees, we are minutes from Woodfield Mall and great restaurants.”
“We’re starting to turn the corner again in real estate, given the high vacancies in the Northwest suburbs” said David Kaufman, Managing Member of DK Realty. “The tenants we are working with have waited long enough to move into facilities that match their business needs, but they also want their business location to have the right appearance to their customers, employees and partner organizations.”
If you would like additional information on the property, call David Kaufman at 847/275-2489 or kaufmand@dkrealty.com.
DK REALTY PARTNERS CLOSES SALE OF
EVANSTON, IL COMMERCIAL/INDUSTRIAL PROPERTY
HELPS SELLER RELOCATE BUSINESS TO NORTHWEST SUBURBS
New Owners Intend to Build Multi-Family Housing Development on Site
DK Realty Partners, LLC announced today the negotiated sale of 645 Custer Avenue, Evanston, IL. The highly sought after property, formerly an industrial site, sold for $755,000. This location will be converted from commercial/industrial use to multi-family housing comprised of townhouses and condominiums. DK Realty broker Tyler G. Neptune, Jr. who sold the property, also assisted the sellers in the negotiated lease of a new site for the relocation of their business to the Northwest suburbs.
The 16,355 square foot facility with 100-feet of frontage has been sold to a private real estate developer. “This is a very desirable location for housing, given the ease of commute into the city or outlying suburbs, as well as easy-to-get-to shopping,” said Paul G. Demik, Sr., principal for DK Realty Partners. “We sense a trend in that many of these types of commercial or industrial buildings located in or near residential neighborhoods, have renewed attraction to developers looking to create multi-family housing in these markets.”
If you would like additional information on the property, call Tyler Neptune at (630) 406-6980 or e-mail tyler@dkrealty.com
DK REALTY PARTNERS, LLC CLOSES $3 MILLION SALE ON ARLINGTON HEIGHTS BUILDING
Private Investment Group Buys NNN Property Research and Development Facility at Attractive CAP Rate
DK Realty Partners, LLC announced today the sale of the AMCOL International Corporation Technological Center located at 1350 Shure Drive in Arlington Heights, IL. This single-tenant, 32,832 square foot office/laboratory facility was originally designed to service a multi-tenant base, and accordingly has four separate entrances allowing the new ownership to divide the building into four separate units. The purchase price was $3,050,000.
“My investment group was looking for a triple-net property that provided excellent cash flow,” said Tyler Neptune. “I knew the seller was motivated to remove this property from his portfolio, but the question was, ‘at what price?’ I was elated when we were able to negotiate a purchase price that represented a 10.9% CAP rate; there wasn’t anything else on the market that even came close! I now have a very happy client, not to mention a satisfied seller.”
If you would like additional information on the property, call Tyler Neptune at (630) 406-6980 or e-mail tyler@dkrealty.com
DK REALTY PARTNERS INKS SALE OF RETAIL/COMMERCIAL BUILDING IN PELL LAKE, WI
First State Bank, Round Lake Beach, IL taps DK Realty to make transaction happen in Wisconsin market based on solid track record
DK Realty Partners, LLC announced today the negotiated $225,000 sale of 1161 Clover Road, Pell Lake, WI. This property was purchased by an individual investor. The location, known as a bar and dance facility will operate under the name Nancy's Place.
This property was the second property that DK Realty Partners has successfully liquidated for the State Bank of Round Lake Beach who acquired this property through foreclose. Paul G. Demik, Principal of DK Realty Partners explains, “The banking community is very important to us. We have a collaborative working environment with these organizations to optimize the performance of their real estate portfolios.”
The 5787 square foot building is located in a challenging real estate market that has growth potential. “Certain properties are purchased with an eye to the future,” said Paul. “Pell Lake is a market that is poised for positive change. Continued development and economic opportunities have to come to this area near Genoa City and Lake Geneva, making real estate in the area more and more attractive.”
Please contact Paul Demik at 847/397-8900 x217 or pdemik@dkrealty.com for details of the sale.
DK REALTY PARTNERS CLOSES SALE OF LEYDEN CREDIT UNION BUILDING IN FRANKLIN PARK, ILLINOIS
Sale of Building Goes to Private Individuals and New Primary Tenant is High-Tech, Electronics Company
DK Realty Partners, LLC announced today the negotiated $325,000 sale of 9617 E. Grand Avenue, Franklin Park, IL, the former Leyden Credit Union Building. Leyden moved to a new, custom-built office building at 2701 N. 25th Avenue, Franklin Park, IL.
The 5218 square foot office and retail building has been sold to private individuals and the new tenants will be a high-tech, electronics company. “This sale represents the strong position that this area has held as a good location for commercial business and manufacturing operations,” said Paul Demik, principal for DK Realty Partners. “This property is also in line with what we are seeing -- the increased demand for 5,000-15,000 square foot facilities.”
If you would like additional information on the property, contact Paul Demik at 847/397-8900 x217 or pdemik@dkrealty.com or call Tyler Neptune at (630) 406-6980 or e-mail tyler@dkrealty.com
CHICAGOLAND-BASED DK REALTY PARTNERS, LLC CLOSES PROPERTY IN METRO NORTH BUSINESS PARK IN IOWA
Fastest growing Ankeny, a northern suburb of Des Moines Iowa boasts its leading-edge office/warehouse facility with 100% occupancy.
David M. Kaufman, CCIM principal of DK Realty Partners, LLC, announced today the negotiated sale of office/warehouse facility on 5.6 acres of land in the Metro North Business Park.
The property is 100% leased to Clarke American Checks, Inc., one of the largest specialty printers of checks and forms for financial institutions in the United States. Clarke American Checks Inc., is a wholly owned subsidiary of Security Printing Inc., a holding Company established within the Security Printing Services division of Novar plc of Waybridge, Surrey, England. Novar is traded on the London Stock Exchange (NVR).
The Property is located in one of the most successful business parks in the Des Moines metropolitan area experiencing extensive commercial, office, warehouse and light manufacturing growth. The Property benefits from high visibility with Interstate 35 connecting to both Des Moines to the south and the Polk Country Regional Airport.
“We are very proud to be a part of the exciting new opportunities the Metro North Business Park has to offer,” said David Kaufman of DK Realty Partners. “Clarke American Checks, Inc. is in good company with surrounding firms such as Monsanto, Standard Bearing, Tone’s Spices Sara Lee and Proxair to name a few.”
If you would like additional information on the property, call David Kaufman at 847/275-2489 or kaufmand@dkrealty.com.
DEMAND FOR INVESTMENT PROPERTY HOLDS TRUE FOR PARK LAWN PLAZA IN OAK LAWN, ILLINOIS
After a large showing of interested buyers, four parties battle for high-demand property.
Paul Demik of DK Realty Partners, LLC announced today the negotiated sale of Park Lawn Plaza located at 9600-9652 S. Pulaski in Oak Lawn, IL.
The 24,685 square foot Retail Center is 100% occupied with (12) twelve units ranging in size from 800 square feet to 4,315 square feet. “What made Park Lawn Plaza a high-demand investment property is its location, 100% occupancy and its well maintained with an attractive façade and landscaping,” said Paul Demik, principal for DK Realty Partners.
The (16) sixteen year old neighborhood shopping center has a newer parking lot (1998 - 104 spaces) and a new granular surfaced APP modified asphalt membrane roof over metal duck. “The Property in Oak Lawn was an excellent investment for the sharp investor,” said Demik. “The Property was purchased for $3.3 million dollars, a total winning situation for all involved.”
If you would like additional information on the property, contact Paul Demik at 847/397-8900 x217 or pdemik@dkrealty.com
100% OCCUPANCY MAINTAINS STRENGTH AT 140 SHEPARD AVENUE IN WHEELING, IL
DK Realty Partners, LLC Closes Property for $1.2 Million.
Paul Demik of DK Realty Partners, LLC announced today the negotiated sale of 140 Shepard Ave. in Wheeling, IL.
The Building at 140 Shepard Ave., located in an industrial park in Wheeling is a single-story, 30,000 square-foot, multi-tenant industrial property. The Property is 100% leased office and warehouse space divided into ten units.
“There’s something to be said for a stable investment,” said Paul Demik, principal of DK Realty Partners, LLC. “The Wheeling Property is 100% occupied, strong location and a 9 ½% Cap Rate. A perfect investment.”
The Property sold for $1,200,000.00.
The closing took place at Chicago Title & Trust Company located in Mt. Prospect, IL with Gerald A. Prendergast, of Prendergast & DelPrincipe located in Evergreen Park representing the buyer and Wade B. Light of Wade B. Light & Associates located in North Barrington, IL representing the seller.
If you would like additional information on the property, contact Paul Demik at 847/397-8900 x217 or pdemik@dkrealty.com
‘HOT’ RE-DEVELOPMENT IN DES PLAINES BRINGS IN NEW OWNERSHIP AT 1583-1585 ELLINWOOD
DK Realty Partners, LLC closed highly desirable property located one block east of the Metra train station.
Paul Demik of DK Realty Partners, LLC announced today the negotiated sale of 1583-1585 Ellinwood in Des Plaines, IL.
The property is a two-story, multi-tenanted retail/office building with a full, finished lower level. The 15,000 square feet building and its tenants are highly visible to the passing commuter trains and its populous residential community. The building contains three floors of tenant suites, 29 in total, ranging in size from 90 square feet to 1,517 square feet.
“I was very excited to be a part of the Ellinwood transaction,” said Paul Demik, Principal of DK Realty Partners, LLC. “The property is highly visible, 97% occupied and is well balanced with retail on the first floor and mostly services businesses on the second floor. The upside potential is obvious.”
The seller of the property was a partnership located in Des Plaines, IL and was represented by Robert Singer of Mt. Prospect, IL.
The purchasers of the property is Metropolitan Development Enterprises located in Skokie, IL. They are represented by Steven D. Friedland of Schiff, Hardin & Waite of Chicago, IL.
The closing took place at the Chicago Title & Trust Company in Mt. Prospect, IL.
The property was purchased for $895,000.00.
If you would like additional information on the property, contact Paul Demik at 847/397-8900 x217 or pdemik@dkrealty.com
DK REALTY PARTNERS, LLC CLOSES SERTA, INC. HEADQUARTERS FOR OVER $5 MILLION
Experienced investors find attractive offering with the home of the #2 worldwide mattress manufacturer.
Paul Demik, principal for DK Realty Partners, LLC announced today the negotiated sale of the Serta, Inc. headquarters located in Spring Lake Business Park in Itasca, IL. The single-tenant, office/research facility totals 38,825 square feet on 3.35 acres of land.
“I had the opportunity to work with a group of private investors who, for years, had invested mainly in multi-family properties,” said Tyler Neptune, for DK Realty Partners. The investors had just sold an apartment complex and needed a quality investment to serve as replacement property in a 1031 exchange. They had researched the marketplace without result.”
The private investors then contacted DK Realty Partners. They had never utilized their services before, but knew of DK Realty Partner’s professional, results-based reputation. Because the multi-family market was not matching the criteria of the private investors, DK Realty developed a solution that met and surpassed the investor’s expectations.
DK Realty Partners knew that the building that Serta, Inc. leased for its headquarters was available for purchase and that Serta had a long-term lease in place.
“This was a genuine opportunity,” Tyler Neptune continues. “The exchange was structured utilizing a triple-net leased property, which we were able to negotiate purchasing at a 9% Cap. This was an attractive property that continues to be well maintained by the tenant, Serta, Inc., and produces excellent cash flow for the investors.”
The purchase price was $5,037,500.00
The original single-tenant, brick/block building was constructed in 1995 consisting of 29,325 square feet of office space and 9,500 square feet of warehouse/research area.
If you would like additional information on this transaction or other 1031 exchange transactions by DK Realty Partners, LLC, call Tyler Neptune at (630) 406-6980 or e-mail tyler@dkrealty.com
DK REALTY PARTNERS, LLC PROVES STRENGTH IN COMMERCIAL REAL ESTATE WITH 3 CLOSES TOTALING $3.86 MILLION
Properties in Schaumburg, Elgin and Oak Lawn
Paul Demik of DK Realty Partners, LLC announced today the negotiated sale of 501 Morse Avenue, Schaumburg; 943-955 N. McLean Blvd, Elgin; and 9740 Southwest Highway, Oak Lawn.
The Building at 501 Morse Avenue in Schaumburg is a single-story, 21,000 square-foot, multi-tenant industrial property located on a 42,000 square-foot lot. The Property is 100% leased office and warehouse space divided into eight units.
“This was a prime opportunity for an investor with a positive upside, based on average rentals of $6.57 per square foot,” said Paul Demik, principal of DK Realty Partners, LLC.
The partnership and the purchaser acquired the Property to consummate a 1031 tax-free exchange. The Property sold for $815,000.00.
The Building at 943-955 N. McLean Blvd. in Elgin is a modern, 10-year-old, single-story, multi-tenant, 23,872 square-foot retail center with 10 units ranging in size from 1,050 to 12,000 square feet.
“This is a strong Property with 89% occupancy and a solid base of tenants such as Walgreens, Bo Rics, Check ‘n Go Illinois, Jackson Hewitt Tax Services and Alpha Communications,” said Demik.
The seller is the original developer/general partner. The buyer is R & P Limited Partnership. The Property sold for $2,700,000.00.
The Property located at 9740 Southwest Highway in Oak Lawn is a free-standing, one-story, brick building on a 100’ x 115’ lot.
“A local investor purchased the property because of the location and the visibility it will receive from the high traffic area of Southwest Highway,” concluded Demik.
The Property is located on the north side of Southwest Highway, one mile southwest of 95th Street (US Rt. 20) and three miles east of Harlem Avenue. and the 95th Street interchange with Interstate 294. The Property is also five blocks east of Chicago Ridge Mall.
The Building was originally leased to Safelite Glass Company (formerly Globe Glass) who consolidated and bought out the lease. It is currently improved as an auto service building divided into two sections: One section is a 1,600 square foot showroom/customer waiting area, and the second section is a large open service area with four double overhead doors.
If you would like additional information on these properties, contact Paul Demik at 847/397-8900 x217 or pdemik@dkrealty.com
DK REALTY PARTNERS, LLC CLOSES PISTAKEE MARINA FOR $1.1 MILLION
Key investment update supplies boats with easy fueling access.
Paul Demik, principal of DK Realty Partners, LLC announced today the negotiated sale of Pistakee Marina located at 410 Kings Road in Fox Lake, IL.
The Marina is located on five (5) acres on Pistakee Lake in Fox Lake, IL, a major part of the Chain O’ Lakes system. The lakes cover approximately 64,000 acres of water and over 100 miles of shoreline. The property includes 45 piers that accommodate 90 boat slips. All of the boat slips include electricity and fresh running water.
A key investment was made to the property including three fuel storage tanks that supply a fueling platform located on the water for easy boating access.
“First State Bank of Round Lake, the former owner of the property; Patrick Short, the new owner; and I all knew that, with a minimal investment into the Marina, it would prove to be a strong, valuable piece of property,” said Paul Demik of DK Realty Partners, LLC. “And it is. $1.1 million dollars worth.”
The Marina consists of three (3) buildings totaling 20,263 square feet. The Office and Sales building is 4,038 square feet, Service and Storage building is 15,489 and the Garage and Storage building is 736 square feet. These buildings support an off-season storage business making the Marina a year-round source of revenue.
The seller of the Marina was First State Bank of Round Lake and was handled by Richard D. Fowles, its president.
If you would like additional information on the property, contact Paul Demik at 847/397-8900 x217 or pdemik@dkrealty.com
DK REALTY PARTNERS, LLC CLOSES ROCKFORD CROSSING SHOPPING CENTER FOR $10.5M
New Shopping Center has strong retail tenants and solid cash flow.
David M. Kaufman, CCIM principal of DK Realty Partners, LLC, announced today the negotiated sale of Rockford Crossing Shopping Center, a 90,000 square foot property.
“The seller, DESCO, located in St. Louis, MO, built the property in a highly desirable location and did a thorough job in development and leasing,” said Mr. Kaufman of DK Realty. “Halyard State, LLC of Northbrook, IL is the purchaser of the property with stable, high traffic retailers including Best Buy and Linens n’ Things.”
Both Best Buy and Linens n’ Things currently have 15 year leases and the next largest tenant, Hallmark, with a five years. The Shopping Center sold for $10,500,000.00.
Financing of $8,480,000 was arranged by Stephen A. Weiss of Fortune Financial Corp., a Northbrook, IL mortgage brokerage firm. The lender was First Bank of Highland Park.
David M. Kaufman, CCIM of DK Realty Partners, LLC was the broker for the purchaser. Marty Becker of Becker & Gurian, located in Highland Park, IL represented the purchaser.
If you would like additional information on the property, call David Kaufman at 847/275-2489 or kaufmand@dkrealty.com.
CLEARBROOK MOVES TO WOODFIELD BUSINESS DISTRICT
David M. Kaufman, principal, DK Realty Partners, has announced that the firm's sales associate Robert Rosenthal represented the buyer in the purchase of a 25,600 square foot office/industrial building at 1425 Payne Ave., Schaumburg, Illinois, for $1,375,000. Located several blocks west of Woodfield Mall in the Woodfield business district, the 2.5 acre site was purchased by Clearbrook, a private not-for-profit agency creating support for children and adults with developmental disabilities.
According to Rosenthal, a DK Realty specialist in commercial real estate brokerage, "This desirable, well-located property offers a great opportunity for Clearbrook to operate its largest day program. The participants in the program can do light assembly work as well as receive occupational, physical, speech, and language therapy. It's a great feeling to have found a new home for such a worthy group."
DK Realty Partners specializes in negotiated, and sealed-bid and live-cry auction sales of commercial/industrial and residential properties nationally. The firm's professional team successfully sold more than 8,000 properties, grossing more than $1.7 billion in the past 20 years. The team also manages office buildings in the Chicago metropolitan area.
If you would like additional information on the property, call David Kaufman at 847/275-2489 or kaufmand@dkrealty.com.
NORTHEASTERN ILLINOIS UNIVERSITY SELLS HOME OF FORMER UNIVERSITY PRESIDENT
David M. Kaufman, CCIM has closed on the sale of a single-family home in Northfield, Illinois. The property, owned by Northeastern Illinois University as housing once for it's former president's family, is 1.5-story, 3,498 sq.ft. home with four bedrooms and three baths on a secluded 1-acre corner lot at 455 Whittier Lane (a private lane) in Northfield.
As a state-owned institution, the university was required by law to offer the property for sale via a public auction. DK Realty Partners was selected from a group of more than 100 contractors who were solicited for the job.
To that end, the property was marketed for two months culminating in an auction on June 26, 1999. Bidding stalled at $450,000 at which point the University rejected the bid, based on its minimum requirements as defined by three pre-sale appraisals. In the months that followed, the University had the property re-appraised and re-offered the property for sale. Again, DK Realty Partners marketed the property for two months, and on December 15, 1999 sold the property for $500,000 to a bidder who had also attended and bid at the auction in June. "I should have bid more at the first auction and gotten it over with then," said the buyer after auctioneer, David Kaufman, declared the property "SOLD."
If you would like additional information on the property, call David Kaufman at 847/275-2489 or kaufmand@dkrealty.com.
KENDALL COLLEGE BUYS EVANSTON HOME AT AUCTION
David M. Kaufman, CCIM has closed on the sale of the single-family residence at 2344 Orrington Avenue, Evanston, Illinois. The property, a 3,035 sq.ft., 2.5-story English-style home, is located on a 1-acre site adjacent to Kendall College on the northern border of the property.
The college, which also owns the single-family home which borders the property on the south, was one of five bidders who submitted sealed bids on Wednesday, November 10, 1999. Those bids were reviewed by the seller, a national bank acting as trustee for the property's estate. The bidders where then invited to participate in a live-cry auction. Bidding narrowed to two bidders, one which was Kendall College whose final winning bid was $612,000.
The home, built in 1905, was continuously occupied by the Jahn family until Mr. Oliver Jahn's death in 1998. The bank, acting as trustee for the estate, has had success with sealed bid/auctions conducted by David Kaufman in the past and was pleased with the results obtained for this property, as well.
If you would like additional information on the property, call David Kaufman at 847/275-2489 or kaufmand@dkrealty.com.
HISTORIC SKOKIE PROPERTY SOLD AT AUCTION TO PARK DISTRICT
David M. Kaufman, CCIM has closed on the sale of the property at 5319-5333 W. Oakton, Skokie, Illinois. The property, a 1.37-acre parcel, is the former Henry Harms historic homestead. Harms was the founder of Niles Center, the village which later changed its name to Skokie. The farmhouse on the site was his final home in the community.
That structure, which was a rental home at the time of the sale, stands next to a much newer home built by the property's last owner, Robert "Bud" Springer. Springer died in 1998 and his trust ordered the auction sale of the property. Hundreds of prospects, including some representatives from the Skokie Park District, inspected the property during the four scheduled open houses prior to the auction.
Besides the Park District, bidders at the auction included area developers hoping to scoop up this rare walk-to-town location with designs on a planned-unit development, as allowed by Skokie's R-2 zoning at the site. It was that possibility that prompted the interest of the Park District. In an April 15, 1999 Pioneer Press article, staff writer Kathy Routliffe reported that "Kristin O'Regan, supervisor of the Skokie Historical Museum run by the Park District, said her concern and that of the Historical Society members is that a buyer may demolish the Harms House to make way for development such as condominiums."
To that ends, the Park District was the high bidder at the auction held April 15, 1999 and closed on the property June 4, 1999 for $1,096,500.
If you would like additional information on the property, call David Kaufman at 847/275-2489 or kaufmand@dkrealty.com.
PROPERTIES AT ADAMS & JEFFERSON ARE SOLD
David M. Kaufman, CCIM has closed on the sale of three properties in Chicago’s central business district. 206 S. Jefferson Street consisted of a two story plus basement renovated 4,000 square foot sprinklered office building (1,500 square feet) with 8 foot clear ceilings. . 609 W. Adams Street is a one story 3,000 square foot renovated brick office building that was sold together with 611 W. Adams Street a three story renovated 15,000 square foot loft sprinklered brick office building plus full 6 foot clear basement.
Located within 2 blocks of the Kennedy Expressway (I-90 & I-94), Union and Chicago & Northwestern train stations in Chicago's Central Business District, the sales price for these three properties was $1,460,000.
If you would like additional information on the property, call David Kaufman at 847/275-2489 or kaufmand@dkrealty.com.
AUCTION NETS $8,450,000 FOR ASHWAUBENON SHOPPING CENTER
David M. Kaufman, C.C.I.M., has sold the 210,000 square foot Ashwaubenon Shopping Center, located in Ashwaubenon (Green Bay), Wisconsin on behalf of an unnamed pension fund and its advisor, Draper & Kramer (Chicago, Illinois). The purchaser was an investment partnership originated by Mooney Le Sage Group of Milwaukee that paid $8,450,000 for the property that was marketed for sale at an auction conducted in Chicago. The auction produced eight bidders.
Built in 1990, Ashwaubenon Shopping Center, is situated on an 18.62 acre site and has parking for 972 cars. The center consists of 29 stores ranging in size from 1,275 to 46,034 square feet and is anchored by Super Valu Foods, Dunham's Sporting Goods, Discovery Zone, Fashion Bug and a free standing Office Max. The gross income for the center is $1,705,000 and at the time of the sale it had an occupancy of approximately 82%.
"This is approximately the twentieth community size retail property marketed through our employment of an auction, sealed bid auction or a negotiated method of sale, for clients including developers, pension funds, banks, and government agencies," said Kaufman. "We have completed sales such as these in Florida Illinois, Texas, Arizona, Iowa, Colorado and the District of Columbia." "Cap rates have varied from 10% for The Willowcreek Shopping Center, in Prescott, Arizona to 15% for a center in Orlando, Florida," Kaufman continued. "Due to low interest rates, cap rates are higher now than they have been in a while, which means prices are strong. This is a good time to sell. And because of positive leverage, it’s also a good time to buy."
Kaufman observed that the choice of the method of sale to be utilized in marketing commercial and investment properties hinges on the nature of ownership and depth of demand in the marketplace for the specific property. "It is more of an art than a science," commented Kaufman. "What gives our firm a great advantage is the thousands of contacts with investors and owner/developers that we have developed nationwide as a result of years of experience and marketing."
David Kaufman has over 30 years experience marketing real estate nationally.
If you would like additional information on the property, call David Kaufman at 847/275-2489 or kaufmand@dkrealty.com.
OMNI SHOREHAM HOTEL SOLD AT AUCTION
David M. Kaufman, C.C.I.M., sold the Omni Shoreham Hotel in Washington, DC for $40 million via the auction method of sale for Bankruptcy court. The high bidder was an offshore hotel group. Washington DC, being considered a hub of domestic and international political affairs and business activities, made this acquisition especially attractive.
Since its opening in 1930, the Omni Shoreham played a major role in the social, business and political life of the nation’s capital city. Most presidential inaugural balls beginning with Franklin Delano Roosevelt were held at this hotel. At the time of sale, the hotel’s occupancy rate was 76%, among the highest of any hotel in the city.
The hotel’s 770 guest rooms and 55 luxury suites are appointed with handsome, contemporary furnishings yet reflect the grandeur of the 1930’s architecture throughout the hotel.
If you would like additional information on the property, call David Kaufman at 847/275-2489 or kaufmand@dkrealty.com.
THE SHOPPES AT FOXFIRE, PALATINE, ILLINOIS
Paul G. Demik announces the sale of a modern one-story multi-tenanted 35,056 sq.ft. retail center at 2070 N. Rand Road, Palatine, Illinois. The center contains 17 units ranging in size from 989 sq.ft. to 5,040 sq.ft. Amenities include attractive façade, professional landscaping, newer parking lot (148 spaces), as well as newer roofs. The property is well-maintained and offered an astute investor tremendous upside potential.
Included in the 5.95-acre site were two outlots: Lot #1 (Rand Road access) is 13,942 sq.ft., and Lot #2 (Hicks Road access) is 14,972 sq.ft. The center is ideally located at the southwest corner of Rand and Hicks Roads, in an area experiencing tremendous growth and construction, as well as 32,000 vehicles daily as an average traffic count. The site is zoned P – Planned Development.
At the time of sale, all units were leased on a net basis (with tenants paying their proportionate share of real estate taxes, common area expenses and management) and Scheduled Gross Income was $500,000.
The property sold for $2,400,000.
If you would like additional information on the property, contact Paul Demik at 847/397-8900 x217 or pdemik@dkrealty.com
DK REALTY CLOSES ON TWO HIGH-QUALITY COMMERCIAL INVESTMENT PROPERTIES
Paul Demik of DK Realty Partners, LLC announces the sale of Kinko's at 205 W. Rand Road, Arlington Heights, IL and New York Square Shopping Center at the SW corner of E. New York Street and Route 59, Aurora, IL.
205 W. Rand Road, Arlington Heights, IL is an 8,976 sq. ft. free-standing, one-story retail building leased on a net basis by Kinko's, with ownership responsible for roof and structure only. Parking for 35 vehicles is located at the front and back of the building with ample room to expand. Quality construction, excellent location and very attractive investment.
The property is ideally located 1/4 mile northwest of the intersection of Rand and Arlington Heights Roads (directly across from Arlington Plaza).
The property sold for $1,500,000.
New York Square Shopping Center is a 39,885 sq. ft. brick shopping center on 3.92 acres at the southwest corner of E. New York Street and Route 59 in Aurora, IL. The building was erected in 1989 and is 100% occuped. Tenants include Office Max, Well Fargo Home Mortgage, Inc., Fruitful Yield and ATI of Naperville, LLC. Kohl's department store adjoins the center to the east but is not part of the property. However, the Kohl's store and New York Square are perceived by the consumer to be one center and Kohl's serves as an 'anchor' to the property. There are 118 parking spots on the site but it also enjoys the entire parking allotted to Kohl's vis-a-vis a perpetual cross easement with Kohl's. There is one monument sign on the property featuring Kohl's and all tenants in New York Square and each New York Square tenant has sign exposure on the front of their respective stores and along the north side of the building.
The property is located at the southwest corner of E. New York Street and Route 59 in an outlot of the Fox Valley Mall in Aurora, IL. The building is approximately four miles south of I-88, the East/West Tollway, which is accessible via full interchange at Route 59.
The property sold for $4,925,000.
If you would like additional information on the property, contact Paul Demik at 847/397-8900 x217 or pdemik@dkrealty.com
INDUSTRIAL LAND IN PRESTIGIOUS CORPORATE GROVE
INDUSTRIAL PARK IN BUFFALO GROVE SOLDPaul G. Demik announces the sale of a 6.37-acre vacant parcel of land in the Corporate Grove Industrial Park at 1500 Busch Parkway, Buffalo Grove, Illinois. The site, which has 439' of frontage on Busch Parkway, is just west of the intersection of Busch Parkway and Milwaukee Avenue. The property boasts a 25,750 sq.ft. retention pond along the parcel's western border and favorable Lake County taxes. The land was sold for Okamoto Corporation as excess real estate. A developer purchased the land on speculation for a multi-tenanted industrial building.
The property sold for $1,330,000.
If you would like additional information on the property, contact Paul Demik at 847/397-8900 x217 or pdemik@dkrealty.com
DK REALTY PARTNERS CLOSES ON GROSS POINT OFFICE CENTER IN SKOKIE, IL
Paul Demik of DK Realty Partners, LLC announces the sale of 8930-8950 Gross Point Road, Skokie, IL.
The property is a one-story, two-building office complex that contains a total gross building area of 55,512 square feet. The property was originally constructed as an industrial facility in the 1950s and was completely renovated and converted to multi-tenant office use in 1987. The 8930 building currently contains eight tenant suites ranging in size from 1,388 sq. ft. to 6,686 sq. ft.; and the 8950 building contains three tenant suites ranging in size from 5,240 sq. ft. to 12,000 sq. ft. The improvements are situated on a land parcel containing 3.492 acres. The site is attractively landscaped and includes a parking are of 153 spaces.
The property is located at the northwest corner of Suffield Court and Gross Point Road in a mixed-use area that consists of office, commercial and residential uses.
The property sold for $5,425,000.
If you would like additional information on the property, contact Paul Demik at 847/397-8900 x217 or pdemik@dkrealty.com
DK REALTY PARTNERS CLOSES ON BANK DIRECTED SALE OF PRIME DEVELOPMENT SITE
Paul Demik and Tyler Neptune of DK Realty Partners, LLC announce the bank ordered sale of 1800 W. Balmoral Avenue, Chicago, IL.
The property is an ideal development site in an area experiencing extensive growth. It has a lot size of 2.40 acres and has 121 foot frontage on Balmoral Avenue with 843 foot depth.
The property is located on the north side of Balmoral Avenue. It is adjacent to the Union Pacific North Line.
The property sold for $750,000.
If you would like additional information on the property, contact Paul Demik at 847/397-8900 x217 or pdemik@dkrealty.com or Tyler Neptune at 847/397-8900 x225 or tyler@dkrealty.com
DK REALTY PARTNERS CLOSES ON TWO HIGH-QUALITY OFFICE AND INDUSTRIAL PROPERTIES
Paul Demik of DK Realty Partners, LLC announces the sale of 1441 Branding Lane, Downers Grove, IL and 55 W. 22nd Street, Lombard, IL.
1441 Branding Lane, Downers Grove, IL in the Branding Business Center is an attractive single-story multi-tenant Class B office/service building containing approximately 47,890 square feet. The net rentable square footage is 47,576, which is comprised of approximately 80% office and 20% warehouse and is currently divided into eight tenant spaces. The building is anchored by Advocated Health Care, a strong credit tenant, occupying 45% of the total building. The common areas of this well-located building includes a loading dock with one drive-in and two truck-bed level doors. Additionally two tenant spaces have private-access doors. These ample loading docks and overhead doors make the building a prime attraction to sales organizations and service centers. There is blacktop-paved illuminated parking for 145 vehicles on site.
The property is ideally located on the south side of Branding Lane (one block south of Butterfield Road/Route 56 and approximately 400 feet east of Finley Road). The building fronts Branding Lane with 475 feet of frontage. The property enjoys an excellent proximity of I-88/East-West Tollway and to I-355/North-South Tollway and is surrounded by nearly a million square feet of thriving retail and service businesses. The location focuses tenant interest on companies demanding easy access to excellent highway transportation links.
The property sold for $4,995,000.
55 W 22nd Street, Lombard, IL in the Lombard Corporate Center is a three-story 50,911 square foot masonry and concrete building. In 1998/1999 an entire building renovation was undertaken as follows; new ADA entrance ramp, new electrical service, new carpet and wall treatment in common areas, completely refurbished washrooms, new key card access security system, new glass vestibule at north entrance, state-of-the-art fire and life safety computer system with controlled smoke and heat detectors and annunciators, new common furnished conference center and vending area for tenants, new building logo and signage. The building is serviced by one 2,500 pound Schindler Elevator as well as two convenient stair halls and entranceways. Extensive new landscaping was completed in 1998. Improvements include 300 feet of interlocking retaining brick, numerous trees and perennial plantings. There are approximately 249 parking spaces on the site or 4.9 spaces per 1000 square foot of rentable space.
The property is located 400 feet west of the southwest corner of 22nd and Main Streets in Lombard, IL. The major thoroughfares serving the property include Route 53 to the west, Roosevelt Road to the north and Butterfield Road to the south. The building is one-half mile east of I-355, the North-South Tollway, which is accessible via full interchanges at Butterfield and Roosevelt Roads. The East-West Tollway is less than one mile to the south. Building location allows outstanding access to both O'Hare and Midway Airports.
The property sold for $ 5,350,000.
If you would like additional information on the property, contact Paul Demik at 847/397-8900 x217 or pdemik@dkrealty.com
DK REALTY PARTNERS CLOSES ON PROFESSIONAL BUILDING IN HANOVER PARK, IL
Paul Demik of DK Realty Partners, LLC announces the DuPage Circuit Court-ordered sale of 1060 E. Lake Street, Hanover Park, IL.
The property is a 14,145 sq. ft. two-story and lower level , professional office building on a 40,000 sq. ft. corner lot at the southwest corner of Lake Street (U.S. Rt. 20) and Arlington Drive East in Hanover Park, IL.
Built in 1988, the building is well-designed with an open lobby area with two reception desks and fireplace, private window-office spaces, two large executive offices, conference room, men’s and women’s washrooms on each floor, a central elevator, vaulted ceilings, dormer windows, unfinished storage on lower level, open wood staircase to all levels, ceiling fans and chair rails in many offices, tastefully decorated throughout. The exterior of the building is attractively constructed of painted cedar siding and brick and is accented with shutters and dormer windows. There is on-site parking for 49 vehicles. Surrounding businesses/properties include McDonald’s, Extended Stay America, First Eagle National Bank, Greenbrook Plaza, Turnberry Lake International Business Center. Alexian Field is located less than four miles east at the Irving Park/Springinsguth Road exit of the Elgin-O’Hare Expressway.
The property is ¼ mile east of the terminus of the Elgin-O’Hare Expressway at Lake Street providing a direct route to I-290, I-355 and the Tri-state Tollway system and is located just 1.5 miles from the Hanover Park stop of the Metra/Milwaukee District West Line (out of Union Station).
The property sold for $651,000.
If you would like additional information on the property, contact Paul Demik at 847/397-8900 x217 or pdemik@dkrealty.com
DK REALTY PARTNERS CLOSES ON COVE PLAZA IN LOMBARD, IL
Paul Demik of DK Realty Partners, LLC announces the sale of 400-436 W. 22nd Street, Lombard, IL.
The property is a modern one-story multi-tenanted 24,300 sq. ft. retail center containing 14 units ranging in size from 800 sq. ft. to 3,600 sq. ft. Amenities include attractive exterior, professional landscaping, abundant parking, as well as newer roofs. All u nits are leased on a net basis with tenants paying their proportionate share of real estate taxes, common-area expenses and property management fees.
The property is conveniently located at the northeast corner of 22nd Street and Finley Road with easy access to I-355, Downers Grove and Oak Brook.
The property sold for $2,225,000.
If you would like additional information on the property, contact Paul Demik at 847/397-8900 x217 or pdemik@dkrealty.com
DK REALTY PARTNERS CLOSES ON BLOCKBUSTER VIDEO IN FRANKLIN PARK, IL
Paul Demik of DK Realty Partners, LLC announces the sale of 10272 Grand Avenue, Franklin Park, IL.
The property is 8,282 sq. ft. free standing, one-story retail building leased on a net basis by Blockbuster Video, with ownership responsible for roof and structure only. Parking for 40 vehicles is located at the front and sides of the building and along the eastern border of the property. Originally built as an 8-unit strip center, the building is equipped with a men's and women's washroom and stub-ins for seven additional washrooms as well as eight gas-fired furnaces and electric-powered air conditioners.
The property is ideally located on the north side of Grand Avenue, approximately 1/4 mile east of the intersection of Grand Avenue and Mannheim Road.
The property sold for $1,400,000.
If you would like additional information on the property, contact Paul Demik at 847/397-8900 x217 or pdemik@dkrealty.com
DK REALTY PARTNERS CLOSES ON CENTRAL OFFICE PLAZA IN MOUNT PROSPECT, IL
Paul Demik of DK Realty Partners, LLC announces the sale of 500 W. Central Road, Mount Prospect, IL.
The property is a modern two-story elevator office building built in 1971, containing a total gross leasable area of 24,400 sq. ft. Construction includes concrete; steel and glass; flat built-up composition roof; gas-fired forced-air heating system; and roof-mounted cooling units. Lighted, on-site asphalt-paved parking is available for 71 vehicles.
The property is strategically located at the northwest corner of Central Road and Northwest Highway in Chicago's northwest suburban "Golden Corridor", which offers excellent accessibility to the metropolitan expressway system and is conveniently located near the Metra commuter line.
The property sold for $1,075,000.
If you would like additional information on the property, contact Paul Demik at 847/397-8900 x217 or pdemik@dkrealty.com
3233 N. ARLINGTON HEIGHTS ROAD, ARLINGTON HEIGHTS, IL
Paul G. Demik announces the sale of a modern three-story elevator office building built in 1980, containing a total gross leaseable area of 27,009 sq.ft. Its excellent location and condition attract various medical and professional tenants as occupants. The property is well maintained and is strategically located in Chicago’s northwest suburban "Golden Corridor," which offers both excellent accessibility to the metropolitan expressway system and the amenities of nearby downtown Arlington Heights with its shopping, restaurants and Metra commuter line.
At the time of sale, the property was 95% occupied, owned by a private investment group, and offered an astute investor tremendous upside potential.
The property sold for $1,725,000.
If you would like additional information on the property, contact Paul Demik at 847/397-8900 x217 or pdemik@dkrealty.com
Featured Property
The Featured Property is updated weekly, please check back often.
BANK / LENDER-APPROVED
SHORT SALE
West Suburban
Chicagoland Retail
St. Charles, IL (Kane County)
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4,986sf retail building plus 2 greenhouses
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Highly visible location on North Avenue just west of Randall Road
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Across from Aldi, next to bank and Post Office
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1.6 acre lot with abundant parking and room for expansion
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Zoned BC accommodates other uses/development
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Daily Traffic Count: Approx. 28,500 vehicles
CONTACT:
Paul G. Demik
(847) 397-8900 x217
DK Realty News & Updates
DK Realty Partners closes on the sale of a bank-owned property. A 12,000 SF Office Building, located in Des Plaines, IL.
DK Realty Partners closes on lease deal with State Farm. The space is a 990 sq.ft. retail space in the heart of the Clybourn Corridor of Chicago.
DK Realty Partners closes on Vacant Bank Owned Restaurant in Skokie, IL. The vacant one-story, 1,400+/- square foot fast food restaurant sold for $355,000.
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DK Realty Partners named on Crain’s Chicago Dealmaker Directory. Click here to view the list.
David Kaufman launchs new real estate blog. He invites you to gain some insight into the current real estate market and/or share your thoughts with him. David shares his knowledge from more than 30 years in the business by fielding questions and stimulating input from others. Click here to view David's blog.
