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Coastal Partners Buys Chicago Office Building for $17M

Coastal Partners, a Chicago-based real estate firm focused on acquiring and developing office and industrial properties, purchased the office building located at 213 West Institute Place in the River North neighborhood for $17 million. 

The deal marks a significant gulf from the building’s sale price back several years ago. The seven-story building was sold by California real estate firm KBS Growth & Income REIT for $43.5 million in 2017, reported Crain’s, citing CoStar as a source.  

Cushman & Wakefield’s Tom Sitz and Cody Hundertmark marketed 213 W. Institute for KBS Growth & Income REIT. Coastal Partners owns an array of real estate assets across the country, including properties in California, Illinois, Indiana, Ohio, Tennessee and South Carolina. KBS Growth & Income REIT is separate from the KBS unit that owns the 40-story Accenture Tower at 500 W. Madison Street.

Image: Coastal Partners

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.