Loop parking garage sells for $2.1 million
A Chicago-based parking garage company bought a 292-space Loop garage, the company president says. The price was $2.1 million, Cook County records show. Metro Park LLC bought the facility, 215 W. Lake St., says President Bryan Schroeder. The February purchase was financed with a $2.8 million loan from Crystal Lake-based Home State Bank N.A., loan documents show. The garage also has retail space leased by a Dunkin' Donuts store. The property previously was owned by an affiliate of Northbrook-based Next Realty LLC. The venture was in default on a loan on the garage that was sold as part of a commercial mortgage-backed securities (CMBS) offering. The sale resolved a foreclosure suit filed by loan servicer Miami Beach, Fla.-based LNR Partners Inc., which handles troubled loans. Rosemont-based Foresite Realty Partners LLC brokered the sale, which required approval of the owner and lender. A spokesman for LNR declines to comment.
Walton Street poised to take over Seattle portfolio
Chicago-based Walton Street Capital is expected to end up with control of a 2.6-million-square-foot portfolio of office buildings in the Seattle area currently owned by an affiliate of Goldman Sachs, the Seattle Times reports. Whitehall Street, a Goldman Sachs real estate investment arm, paid close to $1 billion for the 11 buildings in 2007, but they are now worth about $311 million, according to Standard & Poor's, the story says. Walton Street bought $231 million of debt on the buildings at a steep discount and is expected to take control of the buildings, the newspaper reported earlier this week. A Walton Street executive did not return a call.
Family puts apartment portfolio on the market
The Park Ridge-based Menetti family is offering a five-building, 740-unit portfolio of North Side apartments for sale. Chicago-based Essex Realty Group Inc. has been hired to sell the Uptown and Rogers Park buildings, with an asking price of $29.95 million, or about $40,473 per unit. FirstMerit Bank N.A. has filed foreclosure suits on several buildings owned by the Menettis, including some of those offered in the portfolio, according to Cook County records. The family did not immediately return a message. Uptown buildings in the portfolio are at 4526 N. Sheridan Road and 1020 W. Lawrence Ave. Rogers Park properties are at 7645 N. Sheridan Road, 1246 W. Pratt Blvd. and 1673 W. Pratt Blvd. Offers will accepted for the portfolio or for individual buildings, says Matt Welke, principal and managing director at Essex. He says the buildings are mostly studios but that the portfolio includes some one- and two-bedroom apartments. The units need cosmetic updates. “With low interest rates and banks lending again, a lot of investors are flocking to apartment buildings,” Mr. Welke says. “People like the Menettis see this as a great time to sell.”
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