The property first sold Svigos Asset Management LLC in September for $8.5 million. Two months later, restaurateur and investor Reza Toulabi paid $9.5 million and, according to property records, obtained a $10.4-million mortgage at 4.25% from Broadway Bank. Toulabi has changed his mind on putting a new restaurant in the location near the feeder ramp from the Kennedy Expressway, Inland Real Estate Auctions reports, giving the company a third crack at selling the property via a sealed-bid auction.
"We have sold the property twice in a matter of months due to the rapidly changing Chicago real estate market," says SVP and regional sales manager Frank Diliberto in a statement. "The viable uses for the site are changing as a condition of the market."
Meanwhile, Inland Real Estate Auctions recently brokered the $3.87-million sale of a 47,000-sf timber loft building at 168 N. Clinton St. to the Crown family's CC Industries.
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