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Ontario Street Lofts Trade For $4.5 Mil

CHICAGO-Two years after Park Ridge, IL-based BJB Partners bought the 47,000-sf former Berghoff brewery for $1.35 million, it sells the property to a condominium developer for $4.5 million.

By Mark Ruda | Updated on December 19, 2001

CHICAGO-In the second time in two years, Inland Real Estate Sales, Inc. senior broker Ken Goldberg has been involved in the sale of 420 W. Ontario St., a 47,000-sf River North loft building that formerly was a brewery for the Berghoff restaurant. The price of the property has more than tripled, according to tax records.

Two years ago, the $1.35-million deal called for the property to be converted into multifamily rental units. This time, the plans of 420 Lofts LLC, which paid $4.5 million for the property, is to convert the space into 30 luxury loft condominium units. Despite plenty of competition, Goldberg believes the buyer can buck the market trend.

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