Marcus & Millichap Arranges IL Office Building Sale
- Jan 18, 2018
Marcus & Millichap has facilitated the sale of Mutual of Omaha, a 19,330-square-foot office property located in Decatur, Ill. The company marketed the listing on behalf of the seller, a limited liability company, and procured as well as represented the buyer, a private California investor. The transaction was part of a 1031 exchange.
The modern three-story building is located at 5130 Hickory Point Road and was originally a built-to-suite for Metropolitan Life Insurance. Completed in 1983, the property features multiple vaults, a 50-spaces parking lot with a concrete surface, an additional two-car garage and a backup generator. It has recently gone through a series of upgrades whose cost amounted to $500,000 and included a new roof, siding, floors, lighting, three HVAC units and new windows, among other things.
The property is located off a four-way interchange at Interstate 72 and is part of a dynamic retail area surrounding Hickory Point Mall. A brand-new Holiday Inn has recently opened across the street from the mall.
Tammy Saia, an investment specialist with Marcus & Millichap, marketed the property while Ismael Benhamida secured and represented the buyer. Two months ago, Marcus & Millichap closed the sale of Metropolitan Center, a mixed-use, grocery-anchored lifestyle center in Des Plaines, Ill.
Image courtesy of Marcus & Millichap