Office Midwest

Local investment group purchases Waukegan building for $1.8M

The Brite Horizon 4 Group, a family owned local investment group, closed on 1616 Grand Avenue in Waukegan on December 30, 2010.

The Brite Horizon 4 Group, a family owned local investment group, closed on 1616 Grand Avenue in Waukegan on December 30, 2010. The seller, First Midwest Bank, foreclosed on the property in September, 2010. The 26,800 sq. ft. property contains a diverse mix of medical and professional tenants and was 86 percent occupied at the time of sale.

The property had been marketed several times over the past three years, with asking prices as high as $3.9 million dollars, and closed at $1,835,000 or $68 per square foot. The purchaser declined to name the cap rate at the time of purchase. Joseph Cima and John LeTourneau of The Integrity Group represented the purchaser; and the seller represented themselves.

The property has had a long and checkered history with various legal proceedings, bankruptcies and finally foreclosure bringing it back to the lender after three years.