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Venture Looks to Flip Vintage West Loop Offices
Chicago-based Ameritus Real Estate Investment Management and Boston-based Alcion Ventures, who flipped a River North office property in 2017, now want to do the same in the West Loop. A venture of the two companies has put 549 W. Randolph St. up for sale.
Crain’s Chicago Business reported that the venture is seeking $37 million for the seven-story, 110-year-old property across from the Ogilvie Transportation Center. The two companies paid $19.4 million for 549 W. Randolph in 2015.
They’re betting on continued investor appetite for brick-and-timber office buildings. That appetite stood Ameritus and Alcion in good stead two years ago, when they traded 213 W. Institute Place in River North for $43.5 million.
That sale came just two-and-a-half years after they acquired the property and an adjacent parking lot. In the interim, they made about $5.4 million in capital improvements.
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- ◦Sale/Acquisition
