WHEELING, IL-Chicago-based Cedar Street Capital has purchased an office building measuring 67,700 square feet at 350 E. Dundee Road in Wheeling. The company acquired the loan on the property from Santa Monica, California-based Colony Capital LLC and then assumed control over the building through a deed-in-lieu of foreclosure with Wheeling-based Arbor Acquisitions Inc., the previous owner.
Alex Samoylovich and Jay Michael, Cedar Street partners, stated that the fund paid roughly one third of the $7-million, the remained loan balance on the property. For the full story, go to Crain's Chicago Business .
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