CHICAGO—A partnership of Cedar Street Co. and ABC Realty Investments has purchased the 303 W. Erie loft building here for $11 million.
The six-story, 70,000-square-foot office building at the corner of Erie Street and Franklin Street currently is 100 percent leased to more than 20 office and food/beverage tenants. The partnership financed the purchase with a Morgan Stanley non-recourse loan.
The venture also acquired one of the building’s tenants, HopHaus, along with its liquor license in an effort to reposition the establishment with a strong new operator and bring the current HopHaus lease to market rate. Other tenants include the Chicago Chapter of the Grammy’s, AFLAC, dbHMS, Stir Crazy Corporate Headquarters, and Spy Bar.
“We are very excited to grow our office and retail portfolio into River North and look forward to future growth in similar markets this coming year,” says Alex Samoylovich, CFO at Cedar Street.