(To read more on the multifamily market, click here.)

CHICAGO-The Inverbrass Funds LLC has purchased a 105,000-sf building and an adjacent parking lot for approximately $10 million with the intent of renovating the building into work/live units. Inverbrass Funds, based in Chicago, purchased the building at 619 S. LaSalle St. in Chicago's Printers Row neighborhood from "a local partnership," says John Slivka, senior associate for CB Richard Ellis.

Slivka and Marcello Campanini, also with CB Richard Ellis, represented the seller in the transaction. The asking price for the property was $7.2 million. Slivka tells GlobeSt.com that it was "more of a business decision" as to why the local partnership was selling the property. "There was a tenant that left a significant vacancy that allowed the ownership to work on repositioning it via capital improvements," he says.

Tabin Corp. purchased the building in 2001. Slivka would not confirm that Tabin was the seller of the property. However, Ayman Khalil, principal with Inverbrass Funds, did confirm Tabin was the seller.

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