Timothy Keenan, Senior Director with CRER (Chicago Real Estate Resources, Inc.) recently represented the seller, a Lincolnwood based venture, in the $3,9MM sale of 1110 S. Oakley Blvd., a nearly 30,000-square-foot building located in the IL Medical District (IMD) district in Chicago, IL. The buyer is local investment group.
Built in 1903, the property was home to the Farm Equipment Workers Organizing Committee, which organized laborers at International Harvester and John Deere, according to the website for the Chicago Center for Working-Class Studies. Over the years, the Oakley building has housed various government agencies and was once known as the Cook County Hospital Annex.
In 2009 The Private Bank (now CIBC) sued to seek to foreclose on 1110 S. Oakley Blvd., owned by a local real estate investor. The bank inherited the Oakley loan as part of its acquisition of Founders Bank, which was based in south suburban Worth.
In 2014, a venture of Lincolnwood investors paid $2.9 million for a 30,000-square-foot office building at 1110 S. Oakley Blvd. that’s leased by the Illinois Department of Corrections.
Eric Janssen, president of Chicago-based Chicago Real Estate Resources Inc., and Timothy Keenan, a broker at the firm, handled the sale for the bank then as well.
CRER stayed as property manager on record through this entire time and will continue servicing the new owner.
Contact Tim if you need help buying or selling an investment property in Chicago or the surrounding suburbs. TimK@crer.com | cell: (773) 983-0741