River North building part of $86 million portfolio sale
Loop North News

Real Estate 445 W Erie St - MAP

Photo by Ricky Bole

(Above) 445 West Erie Street in River North. Photo by Ricky Bole. (Click on images to view larger versions.)

River North building part of $86 million portfolio sale

12-Nov-16 – The sale of six vintage office buildings and three lots, a deal worth $86 million, includes a building in River North. 445 West Erie Street, a two-story, 52,905 square foot office and retail building, was part of a deal announced this week by KIG, a commercial real estate brokerage firm. The buyer is the real estate investment firm R2.

The other buildings are in the Greektown, Printers Row, and West Loop neighborhoods. They were all built between 1883 and 1903 and collectively are 90 percent occupied. The seller is Loft Development Corporation, which was represented by Susan Tjarksen, a principal of KIG and its managing broker.

“For a transaction of this scale,” said Tjarksen, “it was crucial for KIG to find a buyer that was not only familiar with these neighborhoods, but also had the connections and experience necessary to maximize the value of the underlying real estate through adaptive reuse and multifamily developments.”

76-year-old Owen Deutsch, chairman and CEO of Loft Development Corporation and a former commercial fashion photographer, sold his entire portfolio of office buildings on November 4, reportedly, to travel the world, photographing birds.

Photo by Owen Deutsch (Left) A Scarlet Macaw, photographed in Costa Rica by Owen Deutsch.

By Steven Dahlman | Loop North News | sdahlman@loopnorth.com

Published 12-Nov-16 9:10 PM

Loop North News

FREE WEEKLY EMAIL UPDATE

See what’s news in the Loop
and Near North Side.

Signup for our weekly email. No ads and no charge. Just enter your email address here...

Number of subscribers:
See this week’s update

Bar & café opens at Merchandise Mart
Hamilton statue reinstalled in Lincoln Park, facing north
No camping in Grant Park, rules Illinois Supreme Court
Executive chefs hired for Japanese BBQ restaurant at Marina City
Now is a good time to bail out of adjustable-rate mortgages
Chicago Cubs security firm under investigation in Minnesota
‘Simulated gunfire’ when filming continues this weekend for ‘Rampage’
Barbecue café opens Tuesday next to Ocean Cut
More stories

Today
Chicago Mariachi Festival will include a seven-hour mariachi extravaganza at Millennium Park on June 25. Cost: Free. Event takes place at Cloud Gate and Jay Pritzker Pavilion starting at 2 p.m. on Saturday. Featured bands will include Mariachi Herencia de México from Chicago and student mariachi bands from seven Chicago Public Schools. Map. More info.

Monday
City Club of Chicago presents Diana Rauner, President of Ounce of Prevention Fund, a public-private partnership that prepares children for success in school and in life. 11:30 a.m. reception, 12:00 p.m. luncheon. Maggiano’s Banquets, 111 West Grand Avenue. Cost: $50. Map. More info.

Monday
Millennium Park Summer Music Series presents Jaga Jazzist (Electronic Jazz Fusion) & AfrotroniX (African Electronic). 6:30 p.m., Jay Pritzker Pavilion, Millennium Park. Cost: Free. Map. More info.

More events

S&P 500
2,439.62 5.12

NASDAQ COMPOSITE
6,236.69 2.73

LOOP/NORTH
42.41 0.18

Biggest Gainers & Losers

BOEING CO.
202.23 2.79

PRIVATEBANCORP INC.
60.97 0.71

JOHN BEAN TECHNOLOGIES CORP.
93.65 0.70

Downtown Chicago Stocks