Chicago’s One Superior Place Changes Hands
- May 13, 2011
May 13, 2011
By Allison Landa, News Editor
One Superior Place, an 809-unit apartment and retail tower in downtown Chicago, has been sold. It was purchased by One Superior Place Leasehold L.L.C. and One Superior Place Fee L.L.C., two entities controlled by Hartz Mountain Industries.
According to CB Richard Ellis, which arranged the sale, it is the largest downtown apartment transaction since the $475 million sale of Presidential Towers in 2007. The tower is located in the River North Neighborhood near the Magnificent Mile retail shopping district.
The buyer was represented by Jeffrey Dunne, Christopher Leonard and Brian Schulz of CB Richard Ellis’ New York Industrial Group, while the leasehold interest owner, Brookfield Real Estate Financial Partners L.L.C., was represented by John Jaeger of CBRE. The fee owner, BLDG Management Corp., was represented by Jeff Fishman.
Financing was secured by James Gunning and Donna Falzarano of CBRE Debt & Equity Finance.
According to Hartz president & COO Emanuel Stern, the purchase reflects corporate aspirations to create a major portfolio of luxury rentals.