Kohan Retail Investment Group Acquires Citadel Center In Chicago For $137 Million

The Citadel Center, located at 131 South Dearborn Street in Chicago, IL, is an office asset encompassing 1,500,000 square feet. It was sold for $137,000,000, which translates to a price per square foot of $91. The property was built in 2003 and previously owned by a partnership including TPG Angelo Gordon, Hines, and Dearborn Capital Group.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $137,000,000
• Address: 131 South Dearborn Street
• Market: Chicago, IL
• Square Footage: 1,500,000
• Price per Square Foot: $91
• Buyer: Mike Kohan - Kohan Retail Investment Group
• Seller: Josh Baumgarten & Adam Schwartz - TPG Angelo Gordon; Laura Hines-Pierce - Hines; Dearborn Capital Group

Kohan Retail Investment Group's acquisition of the Citadel Center is part of an ongoing office portfolio expansion led by Mike Kohan. This transaction reflects a strategic move to enhance their holdings in Chicago's central business district, acquiring the property at a significant discount from its previous price in 2006.