Perillo BMW buys River North dealership building for $20M

Loeber Motors had planned a Porsche dealership in the Clark Street building

Joe Perillo and 1100 North Clark Street (Credit: Perillo BMW and Google Maps)
Joe Perillo and 1100 North Clark Street (Credit: Perillo BMW and Google Maps)

Perillo BMW bought a car dealership building across the street from its River North location for $20 million from Loeber Motors.

The building at 1100 North Clark Street is the former home of a Fletcher Jones Honda dealership. Lincolnwood-based Loeber Motors bought the property in 2003, and in 2016 announced plans to convert it into a Porsche dealership by this year.

Loeber Motors did not return a call seeking comment. A Perillo spokesperson said the plan is to use the building as a dealership, but not for BMWs. She declined further comment.

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Perillo operates a BMW dealership across the street at 1035 North Clark Street.

River North and the nearby Gold Coast have a number of developments in the works or on the drawing boards. Friedman Properties is constructing a 29-story office building on the site of a firehouse and WeWork recently signed leases totaling 200,000 square feet at two locations in River North.

The new dealership should have no shortage of wealthy potential customers nearby, with a number of ritzy residential developments in the area including JDL Development’s No. 9 Walton a couple blocks away.

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