CHICAGO-Billionaire investor Sam Zell has acquired a parking garage at 33 W. Ontario St. for a little more than $7 million.
The fund led by Zell acquired the River North garage for $7.2 million from an investment group that includes William Marovitz and hotel investor C. A. Cataldo. The garage has 368 public spaces and 340 for condo owners, according to Crain's Chicago Business.
The 12-story parking garage is part of the Millennium Centre condominium. The purchase was made through the Zell Credit Opportunities Master Fund L.P., a fund created four years ago geared at acquiring distressed debt. The purchase is almost half ($13.7 million) what lender United Central Bank sought when it filed to foreclose on the property in late 2011. See story in Crain's Chicago Business.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
