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.
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.