CHICAGO—Cedar Street Co. and FrontLineReal Estate Partners undertook the historic 500 N. LaSalle St. in July 2013 as a joint venture. And this past week, thepartners sold the building for $7.1 million to JaimeJavors. The property was bought in 2013 for $4.1 millionfrom Hilco Real Estate LLC through a bankruptcyauction as part of a larger portfolio of assets acquired in theQualteq Inc. bankruptcy case.

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Located at the corner of LaSalle St. and Illinois St. inChicago's River North neighborhood, the building has been a dininghub for years. Upon acquisition, Cedar secured a triple net leaseby the Chicago pizza chain Gino's East as theanchor tenant of the 17,400-square-foot building. The property wasalso home to the Michael Jordan Restaurant — atourist hotspot that closed in 1999.

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Cedar has recently been active in the River North area. Asreported in GlobeSt.com, it has just purchased the Bush Temple ofMusic at 800 N. Clark St. on the Near North Side for $12.5million and plans to transform the historic structure into amultifamily and retail development called FLATS No. 800.

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“Identifying unique opportunities like 500 N. LaSalle that willaccelerate a high return for Cedar Street Co. is a focus for us,"says Alex Samoylovich, managing partner at Cedar.“This asset required our company's market expertise to secure astrong commercial tenant, to identify and close the transitionswiftly with the right buyer.”

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Brian J. Rogal

Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.