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Market Overview

A group led by Chicago Investor and Trader Michael Palumbo Sells River North Office Building


CHICAGO, Dec. 11, 2019 /PRNewswire/ -- A group led by Chicago trader and investor Michael Palumbo has sold the property at 435 N. LaSalle Street in Chicago's River North neighborhood for $17 million after holding it for four years. The buyer is Vista Property Group of New York and New Jersey.

Ceres Acquisitions, LLC, lists MJP Capital, LLC, as its controlling investor and includes Skokie-based Elmdale Partners as a significant investor. The group initially paid $8.2 million for the 50,000-square-foot four-story brick building in 2015. Built in 1906, the office building recently went through a multi-million-dollar renovation. 

"I continue to believe that the Chicago commercial market offers a compelling value opportunity. In the case of this property my partners and I feel that we have added all the value we can and are satisfied that the new buyer will take it from here," Mr. Palumbo said, adding, "This is a great example that real estate does not have to be a zero-sum game. This was a win for all involved, as I believe the buyer is getting an extraordinary asset at a reasonable price. MJP Capital has been very fortunate to have done a lot of deals with the folks at Elmdale, and I hope we will team up on many more in the future."

Chicago-based MJP Capital, LLC, was founded in 2012. MJP is the majority partner in Ceres Acquisitions, LLC. 

Skokie, Illinois-based Elmdale Partners, LLC is a multi-faceted real estate investment company with expertise in residential and commercial real estate formed in 2010 by Thomas M. Bretz and Adam C. Freeman.

Vista Property Group is a family-owned private real estate investment firm with a rapidly growing portfolio of urban retail, mixed-use, and multifamily investments. Vista has offices in Chicago, New York, and London. 

MJP Capital, LLC and Elmdale Partners, LLC were advised in this transaction by Tom Sitz and Cody Hundertmark of Cushman & Wakefield.

Media contact: Surround.Agency, Julia Gray, 773-289-7260

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