Although the purchase price was not disclosed, property records indicate a $5.6-million mortgage was placed on the property at 40 S. Clay St. by First Bank of Highland Park at the time of the sale. Assuming an 80% loan-to-value or lease, the sale price was at least $ 7 million.
In addition to the building that is home to more than 35 tenants, the property includes 3.25 acres.
Hobbit Venture LLC was represented by Arlene Senk of Commercial Realty & Development and Thomas Sorce of Coldwell Banker. Herbert S. Saywitz, Richard M. Allen and Michael J. Horne, principals of HSS Partners, LLC acquired the property for its own account and will manage the property. Financing was arranged by Fortune Financial.
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