CHICAGO—Cedar Street Co. and FrontLine Real Estate Partners undertook the historic 500 N. La Salle St. in July 2013 as a joint venture. And this past week, the partners sold the building for $7.1 million to Jaime Javors. The property was bought in 2013 for $4.1 million from Hilco Real Estate LLC through a bankruptcy auction as part of a larger portfolio of assets acquired in the Qualteq Inc. bankruptcy case.
Located at the corner of LaSalle St. and Illinois St. in Chicago's River North neighborhood, the building has been a dining hub for years. Upon acquisition, Cedar secured a triple net lease by the Chicago pizza chain Gino's East as the anchor tenant of the 17,400-square-foot building. The property was also home to the Michael Jordan Restaurant — a tourist hotspot that closed in 1999.
Cedar has recently been active in the River North area. As reported in GlobeSt.com, it has just purchased the Bush Temple of Music at 800 N. Clark St. on the Near North Side for $12.5 million and plans to transform the historic structure into a multifamily and retail development called FLATS No. 800.
“Identifying unique opportunities like 500 N. LaSalle that will accelerate 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 a strong commercial tenant, to identify and close the transition swiftly 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.
