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CHICAGO-Wells Street Cos., based here, has acquired a 75,000-sf office building at 343 W. Erie St. The sales price was $11.4 million and the cap rate was 7%, says Dan Rosenberg, VP of Cohen Financial. Cohen secured $9.3 million in acquisition financing, with a loan-to-value of 80%. The seller of the property was not disclosed.

The seven-story office building was constructed in the 1920′s and renovated in the mid-1980′s, Rosenberg says. “The building is not in need of any renovation,” he says. The office structure, located in Chicago’s River North neighborhood, is currently 99% leased. The asking lease rate is $24 per sf gross, Rosenberg says. Tenants include the Arbor Strategy Group and Partners in Loyalty Marketing.

Wells was interested in the property because they are a local company and are “building their portfolio,” Rosenberg says. The property is also near Interstate 90-94. Wells owns and/or manages several apartment buildings in the Lakeview, Lincoln Park, Old Town and Rogers Park neighborhoods of Chicago and two retail properties in the Lakeview neighborhood of Chicago, according to information on the company’s website.

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