Hartz Buys Apartment Tower for $320M

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.