VC firm led by ex-McDonald’s chief buys River West office building

Don Thompson’s Cleveland Avenue, which focuses on building restaurant properties, acquired the 13K sf complex

TRD CHICAGO /
Mar.March 27, 2020 10:31 AM
Don Thompson and 212 North Canal Street (Credit: Cleveland Avenue, Google Maps)

Don Thompson and 212 North Canal Street (Credit: Cleveland Avenue, Google Maps)

A former CEO of McDonald’s who founded a venture capital firm that focuses on building restaurant and food and beverage properties paid $10 million for a River West office complex.

Don Thompson acquired the 12,700-square-foot office building at 212 N. Canal St., according to Crain’s. The seller, Clayton Wilson, paid $2.6 million for the property in 2014, Crain’s reported. That purchase at the time followed a foreclosure lawsuit filed against the previous owner. Wilson snagged a $10 million loan against the property in 2019, according to Crain’s.

Thompson purchased the property through his VC firm Cleveland Avenue, which he started after leaving McDonald’s in 2015, following a quarter-century with the fast food corporation.

The $780 per square foot sale shows the strength of the market before the coronavirus seized much of the economy, leading to the statewide stay-at-home order in effect until April 7. River West has also seen some big deals, including Newcastle’s $86 million acquisition of a 227-unit apartment complex early last year.
[Crain’s] — Jacqueline Flynn


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