Office N Illinois

Loft office building in River North sells for $17 million

Loft office building in River North sells for 17 million,ph1

A group led by Chicago trader and investor Michael Palumbo has sold the property at 435 N. LaSalle Street in Chicago's River North neighborhood for $17 million after holding it for four years. The buyer is Vista Property Group of New York and New Jersey.

The sellers included Chicago-based MJP Capital, the majority partner in Ceres Acquisitions and significant investor, Skokie, Illinois-based Elmdale Partners. The group initially paid $8.2 million for the 50,000-square-foot four-story brick building in 2015. Built in 1906, the office building recently went through a multi-million-dollar renovation. MJP Capital and Elmdale Partners were advised in this transaction by Tom Sitz and Cody Hundertmark of Cushman & Wakefield.

"I continue to believe that the Chicago commercial market offers a compelling value opportunity. 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," Palumbo said. "This is a great example that real estate does not have to be a zero-sum game. This was a win for all involved, as I believe the buyer is getting an extraordinary asset at a reasonable price. MJP Capital has been very fortunate to have done a lot of deals with the folks at Elmdale, and I hope we will team up on many more in the future."

MJP Capital, the majority partner in Ceres Acquisitions, was founded in 2012. Elmdale Partners is a multi-faceted real estate investment company with expertise in residential and commercial real estate formed in 2010 by Thomas M. Bretz and Adam C. Freeman. Vista Property Group is a family-owned private real estate investment firm with a rapidly growing portfolio of urban retail, mixed-use and multifamily investments. Vista has offices in Chicago, New York and London.