CHICAGO—The goal ofSouth Street Capital, a Chicago based, privateequity real estate investment firm, has been to acquireunder-performing assets and turn them into stabilized, cash-flowingproperties. And the company has now sold off about 80% of itsoffice portfolio, including most recently, for about $7.15 million,a loft office building located in the West Loop neighborhood ofChicago.
The three-story, 30,000 square foot loft office building locatedat 1130 W. Monroe St. was originally acquired in 2013. According toCook County records, South Street had paid $3.8million for the property. Following the acquisition, the firmimproved the building with new common areas and mechanicalsystems.
Marc Muinzer, South Street Capital's founder,tells GlobeSt.com that the company is still planning to acquireproperties in Chicago, but headwinds in its office market,including the big boost in supply on the way, helped lead to thedecision to also redeploy sales proceeds to other cities in theMidwest, Southwest and on the West Coast, including Austin,Indianapolis, and Los Angeles.
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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.
