Angelo Gordon sells North Side retail assets for $46.3M

The properties on Addison Street are occupied by Olive Garden and Floor & Decor

From left: Josh Baumgarten and Adam Schwartz, co-CEOs/CIOs, Angelo Gordon (Angelo Gordon, Google Maps, iStock)
From left: Josh Baumgarten and Adam Schwartz, co-CEOs/CIOs, Angelo Gordon (Angelo Gordon, Google Maps, iStock)

Angelo Gordon cashed out of two more Chicago assets.

The firm sold two retail locations in the North Side of Chicago for $46.25 million, Cook County records show. The assets, which are about a block away from each other along Addison Street in Avondale, are occupied by restaurant chain Olive Garden and flooring retailer Floor & Decor.

The addresses are 3443 and 3555 West Addison Street. The 3443 Addison property, leased to Floor & Decor, sits on a 69,643 square foot lot, records show. It is flanked by Family Dollar and Home Depot locations along Kimball Avenue. The 3555 Addison parcel is a one-story building on a 70,303 square foot lot. Olive Garden opened there in 2014.

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Angelo Gordon jointly owned the properties with Centrum Partners, records show. The partnership bought the store locations from Kmart in 2017 for $16.5 million. The two firms previously partnered on the Bradley Business Center at 2500 West Bradley Place before Angelo Gordon was bought out in 2017.

The buyer was Dallas-based firm Netsreit, which specializes in single-tenant net lease retail assets. The deals were the latest in Chicago for Netsreit over the past few months. The entity that Netreit used for the Addison Street deal, NS Retail Holdings, LLC, closed on a $10.6 million transaction for 7600 South Cicero Avenue in Burbank last June, a location occupied by Best Buy. The company also recently closed two smaller transactions: a $1.4 million deal for a Sherwin Williams location at 12141 South Cicero Avenue in Alsip and the $1.9 million acquisition of a Home Depot site at 7300 159th Street in Orland Park.The firm didn’t respond to a request for comment.

Angelo Gordon recently sold 200 West Jackson Boulevard, a 29-story tower in The Loop, for $132 million. The firm, along with partner Waterton, has also put River North Park, a 400-unit apartment complex in the Downtown area, on the market.