MONDAY, JANUARY 25, 2010

Inland announces three sales in December

by Illinois Real Estate Journal Reports
Chicago-> DuPage

Inland Real Estate Brokerage, Inc. completed the sale of three properties totaling over $3.9 million in December. The sales include 191 acres of vacant land in DeKalb, Ill., located on Twombley Road, just north of Northern Illinois University, which sold for $2.7 million, or $14,500 per acre.

"This is one of the higher prices we have seen for raw land over the last 12 months," said Rich Artman, vice president and managing broker of the Yorkville office of Inland Real Estate Brokerage. "Most land around the parcel is valued between $8,000 and $12,000 per acre. Land sales were almost non-existent in 2009, but as the banks begin to lend again, and buyers and sellers are more realistic on pricing, we are seeing more movement. (The parcel) will potentially be developed into a retirement or mixed use center."

Artman and Heather Devermann, senior director of commercial sales at the Yorkville office, represented the seller, a holding company.

In addition, Bob Edmiston, senior vice president of the Oak Brook office, recently brokered the sale of a six-unit apartment building located at 3643 Salem Walk in Northbrook, Ill. The building, part of Salem Walk Apartments, sold for $635,000 and includes five two-bedroom units and one one-bedroom. Edmiston represented the seller in the transaction.

Paul Montes, senior commercial broker, and Eric Spiess, sales associate, recently represented the buyer in the purchase of a 6,000 square-foot industrial building, located at 2309 Hammond Drive in Schaumburg, Ill., for $585,000.

According to Montes, "the building was purchased to help accommodate a local retailer who is expanding to multiple locations and needed a central warehouse. Mid-market and smaller transactions, like this, continue to close, because they provide a stable investment. These types of properties are easier to finance, and we expect to see even more volume like this in the future."

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