Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Vintage River North Offices Double Value in Four-Year Hold
A group led by Chicago trader and investor Michael Palumbo sold the property at 435 N. LaSalle St. in River North for $17 million after a four-year hold. The buyer is Vista Property Group of New York and New Jersey.
Ceres Acquisitions LLC, lists MJP Capital LLC as its controlling investor and includes Skokie-based Elmdale Partners as a significant investor. The group paid $8.2 million for the 50,000-square-foot four-story brick building in 2015. Built in 1906, it recently underwent a multimillion-dollar renovation.
“I continue to believe that the Chicago commercial market offers a compelling value opportunity,” said Palumbo. “In the case of this property, my partners and I feel that we have added all the value we can and are satisfied that the new buyer will take it from here.”
MJP and Elmdale were advised in this transaction by Cushman & Wakefield’s Tom Sitz and Cody Hundertmark .
Subscribe to Connect Daily Chicago
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
