River North office building sells for $8.2 million
A group led by Chicago trader and investor Michael Palumbo paid $8.2 million for a fully leased loft office building in River North, betting the neighborhood’s office boom will continue.
Ceres Acquisitions, a company led by Palumbo, teamed up with Chicago-based Elmdale Partners in the purchase of 435 N. LaSalle St. a 50,000-square-foot brick office building built in 1906.
Investment Group Headed By Chicago Investor Michael Palumbo Purchases 435 Lasalle In River North Neighborhood
The investment group Ceres Acquisitions, majority owned by MJP Capital, a real estate investment arm for Chicago investor and trader Michael J. Palumbo, has purchased the 435 N. LaSalle building.
Chicago,IL (PRWEB) March 19, 2015
The investment group Ceres Acquisitions, majority owned by MJP Capital, a real estate investment arm for Chicago investor and trader Michael J. Palumbo, has purchased the 435 N. LaSalle building. The building is located at the northeast corner of LaSalle and Hubbard in the coveted River North neighborhood of Chicago. A prominent building in what has become an in-demand location, 435 N. LaSalle boasts almost 50,000 square feet of office space. Partnering with MJP Capital in the transaction is Chicago-based Elmdale Partners. The purchase price was $8.175 million.
“River North is one of the hottest office markets in the country right now, and we feel this property offers exceptional value,” says Mr. Palumbo. “We are excited to partner with Elmdale Partners to acquire this property and look forward to future investment opportunities.”
Elmdale Partners is a real estate investment company with expertise in residential and commercial real estate. Led by principals Thomas M. Bretz and Adam C. Freeman, Elmdale is the cornerstone of a multi-faceted real estate platform that includes investments, brokerage, property management, commercial financing and development.
“We’re thrilled to purchase an asset in an incredible area with first-class tenants,” says Thomas M. Bretz, Elmdale principal. “The opportunity to partner with MJP Capital and Michael Palumbo was particularly attractive to us.”
Palumbo brings over 20 years of trading and international investing experience to the table. Some of Mr. Palumbo’s endeavors include Third Millennium Trading, LLC (a Chicago based trading company he founded in 1996 primarily involved in equity options market making) and the initial funding of GETCO, LLC in 2000. GETCO is now one of the largest institutional high frequency trading companies in the world.
Ceres Acquisitions intends to invest additional capital into the asset to renovate the building’s interior, including the lobby and elevators.