CHICAGO, Dec. 11, 2019 /PRNewswire/ -- A group led by
Chicago trader and
investor Michael
Palumbo has sold the property at 435 N.
LaSalle Street in Chicago's River
North neighborhood for $17
million after holding it for four years. The buyer is Vista
Property Group of New York and
New Jersey.
Ceres Acquisitions, LLC, lists MJP Capital, LLC, as its
controlling investor and includes Skokie-based Elmdale Partners as a significant
investor. The group initially paid $8.2
million for the 50,000-square-foot four-story brick building
in 2015. Built in 1906, the office building recently went through a
multi-million-dollar renovation.
"I continue to believe that the Chicago commercial market offers a compelling
value opportunity. In the case of this property my partners and I
feel that we have added all the value we can and are satisfied that
the new buyer will take it from here," Mr. Palumbo said, adding,
"This is a great example that real estate does not have to be a
zero-sum game. This was a win for all involved, as I believe the
buyer is getting an extraordinary asset at a reasonable price. MJP
Capital has been very fortunate to have done a lot of deals with
the folks at Elmdale, and I hope we will team up on many more in
the future."
Chicago-based MJP Capital, LLC,
was founded in 2012. MJP is the majority partner in Ceres
Acquisitions, LLC.
Skokie, Illinois-based Elmdale
Partners, LLC is a multi-faceted real estate investment company
with expertise in residential and commercial real estate formed in
2010 by Thomas M. Bretz and
Adam C. Freeman.
Vista Property Group is a family-owned private real estate
investment firm with a rapidly growing portfolio of urban retail,
mixed-use, and multifamily investments. Vista has offices in
Chicago, New York, and London.
MJP Capital, LLC and Elmdale Partners, LLC were advised in this
transaction by Tom Sitz and
Cody Hundertmark of Cushman &
Wakefield.
Media contact: Surround.Agency, Julia
Gray, 773-289-7260 julia@surround.agency
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SOURCE MJP Capital, LLC