CHICAGO-Hartz Mountain Industries, based in Secaucus, NJ, is the new owner of One Superior Place here after buying the ground rights and the 809-apartment tower for $320 million. BLDG Management Corp., based in New York City and led by investor Lloyd Goldman, sold the fee interest for $80 million, and Toronto-based Brookfield Real Estate Financial Partners LLC sold the building for $240 million.

The 52-story tower was built in 1999 on Dearborn Street in the River North neighborhood. The property and the land were split in 2005, when Goldman bought the land for $55 million. Stellar Management reportedly purchased the building for about $218 million in 2007 as part of a larger portfolio, but the company defaulted on loans and Brookfield took over the tower in an auction in 2009.

Brookfield put the tower on the market late last year and had reportedly sought $260 million. The tower is almost fully occupied, with two-bedroom units renting for more than $3,000 per month.

Jeff Fishman, EVP with New York City-based Robert K. Futterman & Associates, arranged the fee interest sale on behalf of Goldman. CB Richard Ellis vice chairman Jeffrey Dunne represented the purchaser.

Dunne says investors have taken a renewed interest in the strength of the Chicago apartment investment market. This purchase represents the largest downtown Chicago apartment transaction since Presidential Towers sold in 2007 for $475 million, he says. “I think this is a significant endorsement by a real estate operator that has never bought in Chicago. Of course, this is a prime location, and Whole Foods is a great retail tenant,” Dunne tells GlobeSt.com.

The building’s other retail tenants on the ground floor include Roy’s Restaurant and PNC Bank. The property had almost $5 million in renovations completed in 2009 to the lobby, common areas and amenities, which include an outdoor pool and sun deck, outdoor lounge with fire pits and grill areas, a 24-hour fitness center and more.

Brookfield hadn’t planned that the ground would be sold as well, but Fishman says 99% of buyers want to keep a building and site together in a purchase. He agrees that apartments are hot in Chicago. “There’s a tremendous interest in quality multifamily in all core markets,” he tells GlobeSt.com.