A joint venture headed by Chicago-based Heitman has acquired a three-building portfolio in Chicago. Comprised of vintage loft office buildings in the West Loop, the collection of properties sold for approximately $65 million.
The transaction occurred last week, according to a report by Crain’s. The sellers, R2 Companies and Walton Street Capital, purchased the properties in 2016 as part of a larger, $86 million portfolio that included loft office and downtown properties. The two companies have now sold all but one of the properties in the original portfolio for more than $114 million.
The three buildings in this sale include the 54,000-square-foot 901 W. Jackson Boulevard, the 108,000-square-foot 641 W. Lake Street and the 6,800-square-foot 130 S. Jefferson Street. The properties, which are 90 percent leased, have undergone $5 million in capital improvements to the lobbies, corridors, washrooms and amenities.