CHICAGO, ILLINOIS – Friday, December 22, 2017
ACO Commercial is pleased to announce the sale of 8850 & 8860 S. Mobile Avenue in Oak Lawn, Illinois. Built in 1974, the property consisted of 24 units in one- and two-bedroom configurations.
The sale price represented a price per unit of approximately $85,000, and the existing agency debt was assumed at approximately 61% loan to value. Linda Hattar, Vice President, and George Toscas, Managing Broker, completed the transaction and facilitated the assumption of the existing debt on behalf of a national real estate fund based in Wheaton, Illinois.
The purchaser used the asset as the downleg in a 1031 exchange.
ACO Commercial specializes in the sale of commercial and investment real estate throughout the Midwest.