The first involves NY institutional fund advisor Angelo Gordon and Gold Standard Banking which just finalized its sale-leaseback for its 189K SF property at 3700 South Kedzie Ave. The buildings have been under the ownership of Gold Standard for more than two decades. According to its representative Erik Foster:
“This portfolio provided investors with tremendous long-term stability, as it is fully leased to a strong-credit tenant. The recession-resistant food industry tenant relies on the location for its operations, making this a solid investment with long-term growth potential for the new owner.”
In the last three years, the company expanded its Chicago site by 22K SF to house a new baking line to meet increased product demand. It also opened a 201K SF bakery in Pleasant Prairie, Wisconsin, in 2017.
The second concerns Hilton Grand Vacations Inc. (HGV) in its purchase sale agreement of the top six floors of the 26-story DoubleTree by Hilton Hotel Chicago Magnificent Mile. Working with Related Fund Management and The Chartres Lodging Group on the sale, this will be HGV’s first property in this market at a projected investment of around $54.5 million.