Investor Buys International Tower Building for $30M
A venture led by the local investor Gene Staples paid just under $30 million for the International Tower building near Chicago’s O’Hare International Airport, reportedCrain’s. JLL’s Pat Shields, Sam DiFrancesca, Bruce Miller and Jaime Fink marketed the property on behalf of the seller, an affiliate of Utah-based Bridge Investment Group.
Located at 8550 West Bryn Mawr Road, the 11-story distressed office building is only partially occupied, sitting at nearly half-empty. Newly Weds Foods, a food service company, is the largest tenant at the site, occupying about 45,000 square feet.
Bridge had provided a $43.4 million loan in 2019 to the previous owner, local real estate firm Golub, and took control of the property last year, per the outlet. Golub bought the tower for $40.3 million in 2014. The move may be based on the recent trend of some office buildings doing well near O’Hare and other suburban markets.
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.