April 7, 2020
An affiliate of Lakewood, NJ-based Strategic Properties of North America has bought Cityfront Place, a 480-unit building at 400 N. McClurg Ct. in downtown’s Streeterville neighborhood, Crain’s Chicago Business reported.
It’s not clear what Strategic paid for the riverside building, Crain’s reported. However, the price likely was well below the $160 million that the seller, Deutsche Bank unit DWS, was seeking for it.
The deal was revealed in a letter to Cityfront Place tenants last week. Reportedly it was agreed to before the coronavirus pandemic took hold.
DWS paid $107 million for Cityfront Place in 2011 and marketed the property as a value-add investment, Crain’s reported. However, the pandemic has investors wary of a prolonged downturn, and they’re pulling out of deals as a result.
“We’re certainly hearing that nobody wants to take a deal out on the market right now,” Integra Realty Resources’ Ron DeVries told Crain’s.
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