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Berger Asset Management buys 7-acre office park near O’Hare
The developer will overhaul the massive complex once positioned as a resi project
Berger Asset Management bought a seven-acre office park in the O’Hare submarket, with plans to redevelop and lease up the sprawling complex.
The Chicago-based real estate investment firm paid $9.4 million for the 165,000-square-foot property, according to Crain’s.
Led by founder Jonathan Berger, the company acquired the 12-building InterPark Corporate Center from West Des Moines, Iowa-based Athene Annuity & Life, which seized the property after the previous owner defaulted on a $15.3 million loan. The sprawling location is at 8601-8623 West Bryn Mawr Avenue and 8600-8622 West Catalpa Avenue.
Berger will spend up to $5 million to redevelop and leas up the complex, which he’s rebranded Concourse Chicago, he told Crain’s. He secured a $9.5 million loan for the acquisition and renovations.
The property’s previous owner, JCF Real Estate, emptied half the buildings in the office park in order to build a seven-story, 394-unit apartment building. But that project fell victim to problems with financing, and JCF eventually lost the property in foreclosure.
But office demand is strong in the O’Hare submarket, where the vacancy rate at the end of the first quarter was 14.3 percent, according to JLL. [Crain’s] — John O’Brien