CHICAGO—Real estate investment firm R2 Cos. has just purchased a portfolio of historic properties and several land sites located in neighborhoods adjacent to Chicago's CBD. The company specializes in renovating and recapitalizing properties, both in Chicago and around the Midwest region, and this $86 million acquisition, from Chicago-based Loft Development Corp., is a sign that these already hot submarkets will soon see even more investment.

The properties, located throughout the West Loop, Greektown, River North and Printers Row, include six vintage office buildings and three land sites. KIG principal and managing broker Susan Tjarksen represented the seller in the transaction.

“For a transaction of this scale, it was crucial for KIG to find a buyer that was not only familiar with these neighborhoods, but also had the connections and experience necessary to maximize the value of the underlying real estate through adaptive reuse and multifamily developments,” she says. “R2 was selected because of their successful track record of developing, renovating and repositioning commercial real estate assets, including numerous loft office buildings and land sites, throughout Chicago and the Midwest.”