River North Offices Sell For $35M
With most of Chicago's marquee office assets under new ownership after a record 2015, investors have been whetting their appetites buying smaller buildings and portfolios in hot markets like River North. Brijus Capital is ringing in the holiday season with a huge ROI on a building it bought for a song three years ago.
Spaulding & Slye Investments, a JLL subsidiary, shelled out $35.3M for 363 West Erie. Brijus paid $8.5M for the building in 2013, Crain's reports, and benefited from River North's status as one of Chicago's hottest office markets, especially with the tech sector.
Trading of smaller office assets has picked up considerably in recent weeks. R2 Cos and Walton Street JV'd on an $86M portfolio in the West Loop, South Loop and River North, and R2 was busy buying and selling in River North and the West Loop in Q3. [Crain's]
