Coastal Partners, a Chicago-based real estate firm specializing in the acquisition and development of office and industrial properties, has recently acquired an office building in the River North neighborhood for $17 million. This purchase marks a significant decrease from its previous sale price several years ago. The seven-story building was previously owned by California’s KBS Growth & Income REIT, who sold it for $43.5 million in 2017 according to Crain’s and CoStar.
The property at 213 West Institute Place was marketed by Cushman & Wakefield’s Tom Sitz and Cody Hundertmark on behalf of KBS Growth & Income REIT. Coastal Partners has a diverse portfolio of real estate assets across multiple states including California, Illinois, Indiana, Ohio,Tennessee,and South Carolina.The seller,KBS Growth & Income REIT,is not affiliated with the unit that owns Accenture Tower at 500 W.Madison Street.
Image: Coastal Partners
This recent acquisition is just one example of Coastal Partner’s successful ventures as they continue to expand their presence nationwide.
