A local investor, Gene Staples, has recently acquired the International Tower building near Chicago’s O’Hare International Airport for just under $30 million. According to a report by Crain’s, JLL’s Pat Shields, Sam DiFrancesca, Bruce Miller and Jaime Fink represented the seller in this transaction – an affiliate of Utah-based Bridge Investment Group.
The 11-story office building is currently facing some distress and is only partially occupied at around 50% capacity. The largest tenant on site is Newly Weds Foods – a food service company occupying approximately 45,000 square feet.
In recent years there has been an increase in demand for office buildings near O’Hare and other suburban markets. This may have influenced Bridge Investment Group to take control of the property last year after providing a $43.4 million loan to previous owner Golub in 2019. Golub had purchased the tower for $40.3 million back in 2014.
This news was originally reported by Connect CRE.
