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CHICAGO-Restaurateur and investor Reza Toulabi, whose $2.78-million-bid was tops for the parking garage with ground-floor retail space at 9 W. Kinzie St., has picked up another River North location. Toulabi has acquired the seven-story timber-loft office building at 325 W. Ohio St. for $9.5 million from Svigos Asset Management LLC, which paid $8.75 million for the 105,000-sf property earlier this summer.

Inland Real Estate Auctions, Inc. handled both sales of 325 W. Ohio St., first for long-time owner Bowne & Co., Inc., then again for Svigos Asset Management, which also hands off engineering plans and market study for approximately 200 multifamily units for a conversion.

Toulabi was high bidder at an auction conducted this summer by Sheldon Good & Co. Brokerage, LLC for 9 W. Kinzie St. However, Toulabi already has a restaurant near the former Bowne building at 420 W. Ontario St. as well as 5255 N. Clark St. in the Andersonville neighborhood on the North Side.

“By using the sealed-bid sale, the seller was able to attract interest from across the country within weeks, versus the typical 12 to 18 months via the conventional sales process,” says Inland Real Estate Auctions senior vice president and regional sales manager Frank Diliberto.

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