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R2/Walton St. JV Cashes Out on West Loop Portfolio
A venture of locally-based Heitman paid about $65 million last week for a trio of vintage loft office properties in the West Loop, Crain’s Chicago Business reported, citing sources familiar with the transaction.
The Heitman affiliate bought the buildings at 901 W. Jackson Blvd. (pictured), 641 W. Lake St. and 130 S. Jefferson St. from a joint venture of R2 and Walton Street Capital. R2 and Walton Street picked up the properties as part of an $86-million deal in 2016 that included three other Chicago loft office buildings and three downtown development sites.
Three years later, the R2/Walton Street JV has now cashed out on all six buildings and two of the three development parcels for far more than it paid three years ago. The JV fetched $38.5 million in two deals for the other three office properties, and sold the development sites for about $11 million combined.
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