Davidson Kempner Capital Management’s $22.6 million purchase of a five-story medical office building topped the list of March’s biggest commercial investment sales.
The New York firm’s acquisition accounted for nearly 30 percent of the total spent on March’s priciest commercial buys. Medical facilities have been a strong performer for some investors, unlike some of the other property types — such as vacated suburban office complexes and shuttered big box retailers — included in March’s biggest sales.
The month’s second most expensive commercial deal was Somerset Development’s $21 million purchase of the former AT&T campus in Hoffman Estates. With the suburban office market losing tenants to Downtown, Somerset and partners Triangle Capital Group will work to convert the site into a “metroburb.”
All property transaction information comes from Cook County property records.
1. 4700 North Marine Drive | $22.6 million
New York-based Davidson Kempner Capital Management paid $22.6 million for this 136,000-square-foot medical office complex that’s connected to the Weiss Hospital campus on the city’s North Side. Selling the office building was Zeller Realty Group, which bought the building in 2012, according to its website. Weiss Hospital in January signed a 20-year lease extension in the building, and Walgreens is a ground-floor tenant.
2. 2000 West Ameritech Center, Hoffman Estates | $21 million
Somerset Development and Triangle Property Group paid U.S. Bank $21 million for the former AT&T headquarters in suburban Hoffman Estates. The joint venture is planning to turn the 150-acre campus into a “metroburb” consisting of 1.2 million square feet of offices, 60,000 square feet of retail and and 60,000 square feet of conference space and amenities. The firms plan to sell a portion of the site to another developer for the construction of 380 apartments and 170 townhomes.
3. 2525 West North Avenue, Melrose Park | $17 million
Local property investor Savas Er bought this Melrose Park retail center for $17 million from Phoenix-based Vereit. Er, principal at Schaumburg-based North American Real Estate, told Crain’s he owns 25 properties in the Chicago area and is looking to buy more. The shopping center is anchored by a Food For Less grocery store, and it also includes a Starbucks, Fifth Third Bank and a Hooters restaurant.
4. 3232 Lake Avenue, Wilmette | $14 million
Newport Capital Partners paid $14 million for this former Carson’s store in the Edens Plaza shopping center. The Chicago-based firm previously paid $72 million to acquire the rest of Edens Plaza, where it plans to build medical offices. Selling the property was Tiger Capital Group, which was facilitating a bankruptcy sale for the shuttered department store company.
5. 741 North LaSalle Street | $5 million
This commercial building in River North sold for $5 million to an entity controlled by Arnold Gumowitz, president of New York-based AAG Management. Selling the building was Joseph Lagoa, who owns the restaurant Cafe Iberico and is a River North property investor.