Walton Street, R2 sell West Loop office building; peels off from 6-property portfolio

ASB Real Estate paid $14M for the building, increasing its growing presence in Chicago

ASB’s Nick Franzetti and 118 South Clinton Street (Credit: ASB Real Estate and Google Maps)
ASB’s Nick Franzetti and 118 South Clinton Street (Credit: ASB Real Estate and Google Maps)

Walton Street Capital and R2 Companies sold a century-old West Loop office building, part of a six-property portfolio the two firms had acquired two years ago. The local firms are looking to unload other parts of the portfolio.

Bethesda, Maryland-based ASB Real Estate Investments paid $14 million for the building at 118 South Clinton, according to Cook County records. The seven-story, 72,000-square-foot building dates to 1904. It includes restaurants on the ground floor.

Capital One provided ASB with a $7.8 million acquisition loan on the South Clinton building. ASB has been steadily increasing its real estate holdings in Chicago.

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Walton Street and R2 picked up the property in 2016, part of the $86 million portfolio, Crain’s reported at the time. The Clinton Street building’s share of that deal was $13.5 million, county records show. In October, the firms were said to be seeking $55 million for two other pieces of the portfolio: 641 West Lake Street and the Glessner Center at 130 South Jefferson Street.

ASB has 163 properties worth $7.8 billion nationwide, according to its website. Among its Chicago properties are a six-story retail building at 15 East Oak Street that’s anchored by Barney’s New York. It also teamed up with New York-based Madison Capital to buy several Chicago properties, including a retail complex at 10 South State Street and several Fulton Market buildings, according to reports.