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Wells Street Buys 75,000-SF Building for $11M

CHICAGO-The Chicago company received $9.3 million in financing to acquire the office building at 343 W. Erie St., with a cap rate of 7%.

By Gina Kenny | Updated on September 21, 2007

CHICAGO-Wells Street Cos., based here, has acquired a 75,000-sf office building at 343 W. Erie St. The sales price was $11.4 million and the cap rate was 7%, says Dan Rosenberg, VP of Cohen Financial. Cohen secured $9.3 million in acquisition financing, with a loan-to-value of 80%. The seller of the property was not disclosed.

The seven-story office building was constructed in the 1920′s and renovated in the mid-1980′s, Rosenberg says. “The building is not in need of any renovation,” he says. The office structure, located in Chicago’s River North neighborhood, is currently 99% leased. The asking lease rate is $24 per sf gross, Rosenberg says. Tenants include the Arbor Strategy Group and Partners in Loyalty Marketing.

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