CHICAGO-A parcel that was to be the site of a condominium tower has been acquired via foreclosure by a Tokyo-based firm who has now put the property on the market for sale.
MS & AD Insurance Group Holdings Inc. was the winning bidder at $19.9 million for a 22,300-square-foot parcel in Streeterville along Peshtigo Court, between Grand Avenue and Illinois Street, according to an online docket of Judicial Sales Corp. The property owner was developer Dan McLean, who had planned to build a condominium development at the site, according to Crain's Chicago Business.
The MS & AD group filed a $40-million foreclosure suit against a McLean affiliate, alleging the affiliate defaulted on a loan that matured in December 2011. McLean had hired Jones Lang LaSalle Inc. to sell the site in 2011, and MS & AD has recently retained Jones Lang to market the property. See story in Chicago Real Estate Daily.
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