SOLDOffice
Matt Garrison & Eric Weber Acquire Two Office Buildings In Chicago For $12 Million
224 North Des Plaines Street & 900 North Franklin Street
$12,000,000
Building Size
—
Asset Type
Office
Closing
Oct 28, 2026
About this deal
AI
The transaction involved two loft office buildings located at 224 North Des Plaines Street and 900 North Franklin Street in Chicago, IL. The properties were acquired for a total of $12 million. The buyer entities are R2 Companies and Cubed Real Estate, each looking to capitalize on renewed demand for flexible, subdividable loft offices.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $12,000,000
- Buyer: Matt Garrison - R2 Companies & Eric Weber - Cubed Real Estate
- Seller: Brady Welch - Slate Asset Management
- Broker: Sean Connelly & George Kokkonas - BAUVISTA
The asset transfer occurred after a foreclosure dispute involving the former owner, Shopoff Realty Investments. Notably, R2 previously sold these properties for $38 million in 2016, indicating a significant change in market dynamics.
On the Map
$12,000,000
Office
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Players
Palatine Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.32%
Cash-on-Cash
-0.38%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93