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Bread-and-Butter REO

Bread-and-Butter REO
Metro Chicago's slow CRE recovery has led to bread-and-butter deals (a perfect start to any six-course deal menu). Millennium Properties Real Estate prez Daniel Hyman says the company has repped lenders selling off REO properties in suburban Chicago in a number of small but remunerative deals.
 
Daniel Hyman
One example Daniel cites of a small property cycling through repossession and on to another use is a 6,800 SF former daycare center in Lindenhurst. (Sadly, all toys have been removed.) The new owner, a local dentist, is converting it into MOB. So, both must be zoned for screaming children. Millennium VP Brad Thompson adds that commercial properties priced at less than $1M are trading with greater frequency now as the capital markets recover, chalking the trend up to exceptionally low interest rates, combined with discounted property values. It's convincing many users that buying is a better deal than renting.
 
Reznick (Office) MCHI
Related Topics: Daniel Hyman, Metro Chicago