Glenview mixed-use complex sells for $22.2 million
(Crain's) — A Chicago condominium developer has paid $22.2 million for Carillon Square, a 76,000-square-foot retail-and-office complex in north suburban Glenview.
Charles Mudd acquired the property at 1412-1500 Waukegan Road from Lake Forest investor James Bouma, says Nikki Varveris, an agent at Kiser Group, the Chicago-based firm that brokered the sale.
Mr. Bouma, a one-time Chicago apartment landlord, paid $16.6 million for Carillon Square in 2003.
Mr. Mudd, of Chicago Graystone Development, did not return a phone call. He bought the property separately from his condo development business, financing the acquisition with an $8.9-million loan from Cole Taylor Bank, according to a mortgage filed with the Cook County Recorder of Deeds.
Mr. Mudd paid $294 a square foot for Carillon Square, which is about 97% occupied and whose largest tenants include a Blockbuster video store and Lalo's Mexican Restaurant. Built in 1982, the complex includes about 16,000 square feet of office space.
With projected net operating income of $1.5 million, the investment is expected to yield 6.7% in its first year, according to Kiser Group.
