Cedar Street Co. and FrontLine Real Estate Partners undertook landmarked building – 500 N. La Salle Dr. – in July 2013 as a joint venture. This past week, the building was sold for $7.1 million to Jaime Javors. In 2013, the property was bought from Hilco Real Estate LLC through a bankruptcy auction as part of a larger portfolio of assets acquired in the Qualteq Inc. bankruptcy case; the property was initially purchased for $4.1 million.
Located at the corner of LaSalle Drive and Illinois Street in Chicago’s River North neighborhood, the building functioned as a dining hub. Upon acquisition, Cedar Street Co. secured a triple net lease by the Chicago pizza chain Gino’s East as the anchor tenant of the 17,400 square foot building. This prominent property was also home to the old Michael Jordan Restaurant — a tourist hotspot that closed in 1999 after Jordan’s second retirement.
“Identifying unique opportunities like 500 N. LaSalle that will accelerate a high return for Cedar Street Co. is a focus for us,” said Alex Samoylovich, managing partner at Cedar Street Co. “This asset required our company’s market expertise to secure a strong commercial tenant, to identify and close the transition swiftly with the right buyer.”