Walton Street Capital and R2 Companies sold a century-old West Loop office building, part of a six-property portfolio the two firms had acquired two years ago. The local firms are looking to unload other parts of the portfolio.
Bethesda, Maryland-based ASB Real Estate Investments paid $14 million for the building at 118 South Clinton, according to Cook County records. The seven-story, 72,000-square-foot building dates to 1904. It includes restaurants on the ground floor.
Capital One provided ASB with a $7.8 million acquisition loan on the South Clinton building. ASB has been steadily increasing its real estate holdings in Chicago.
Walton Street and R2 picked up the property in 2016, part of the $86 million portfolio, Crain’s reported at the time. The Clinton Street building’s share of that deal was $13.5 million, county records show. In October, the firms were said to be seeking $55 million for two other pieces of the portfolio: 641 West Lake Street and the Glessner Center at 130 South Jefferson Street.
ASB has 163 properties worth $7.8 billion nationwide, according to its website. Among its Chicago properties are a six-story retail building at 15 East Oak Street that’s anchored by Barney’s New York. It also teamed up with New York-based Madison Capital to buy several Chicago properties, including a retail complex at 10 South State Street and several Fulton Market buildings, according to reports.