Coastal Partners Acquires Institute Place Lofts Office Building In Chicago For $17M

The Institute Place Lofts building in Chicago's River North has been sold by real estate investment trust KBS Growth & Income for $17 million. This sale represents a significant loss for KBS, as they had purchased the property in 2017 for $43.5 million. Coastal Partners acquired the building as part of KBS's ongoing liquidation plan.

Summary of transaction details

• Property Type: Office
• Transaction Amount: $17,000,000
• Square Footage: 155,385
• Price per Square Foot: $109
• Address: 213 West Institute Place, Chicago
• Market: Chicago

The buyer in this transaction is Coastal Partners, represented by Brett R. Baumgarten. The seller is KBS Growth & Income REIT, with Charles J. Schreiber, Jr. acting as their representative. The deal was facilitated by Cody Hundertmark and Tom Sitz from Cushman & Wakefield.

It is worth noting that KBS sold the Institute Place Lofts building as part of their strategy to sell off their portfolio. This transaction demonstrates a significant decrease in value compared to their original purchase price.