The Real Deal Chicago

Elmdale Partners buys River North office building, plans extensive upgrades

The firm acquired the building for $4M from a trust
By John O'Brien | April 16, 2018 10:30AM

A rendering of 314 West Institute Place

Elmdale Partners has bought a 22,000-square-foot office building in River North, with plans for an extensive renovation.

The Chicago-based real estate investment firm acquired the property at 314 West Institute Place for $4 million, and secured a $7.4 million mortgage from First Bank of Highland Park. It was sold by a trust.

Keely Polczynski of CBRE represented the seller in the deal.

The loft-style building offers floor-to-ceiling windows and brick and timber features, according to CBRE. Its current tenants include a dance studio, interior design firm and other office users, a CBRE spokesperson said.

Skokie-based Elmdale Partners did not respond to requests for comment, but the CBRE spokesperson said the new owners plan an “extensive renovation” of the building.

The previous owner took out a $3.5 million mortgage from First Bank of Highland Park in 2015.