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CHICAGO—As reported in GlobeSt.com, North Wells Capital LLC, the affiliate of River North office pioneer Urban Innovations Ltd., just expanded its portfolio in that neighborhood by purchasing 308 W. Erie, a 45,359-square-foot mixed-use building, along with an adjacent parking lot, for $12.8 million.

The partnership between the two began in 2015 with the aim of tripling UI's portfolio, and although they recently expanded to Milwaukee, this new deal shows the pair remain committed to the River North neighborhood.

“We think the long-term dynamics of River North will continue to be compelling,” Jim Fox, co-founder and chief executive officer of North Wells, tells GlobeSt.com. And on this property, the price was right.

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Brian J. Rogal

Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.

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