The developers that want to raze the Howard Johnson motel in River North and build a 298-unit apartment building in its place paid $15.3 million for the property at 720 N. LaSalle St., according to Cook County records. A joint venture between Chicago-based real estate firms Mac Management Co. and Magellan Development Group bought the property from affiliates of Skokie-based F&F Realty Inc. A trust associated with F&F bought the motel for $6.2 million in 2000, county records show. Dustin Cahan, part of the family that operates Mac, declined to comment on the price, and an F&F executive did not return calls. Mac and Magellan submitted a zoning change application with the city in April for the rental high-rise, which is being designed by Chicago-based bKL Architecture LLC.
Marmot puts Gold Coast store up for sublease
Outdoor clothing and gear retailer Marmot Mountain LLC put its 2,973-square-foot store at 932 N. Rush St. up for sublease. The California-based company hired the Chicago office of New York-based retail brokerage Robert K. Futterman & Associates LLC, or RKF, to find a new tenant for the space. The Gold Coast shop, one of seven flagship-style stores around the country for Marmot, opened in November 2012. A Marmot spokesman didn’t return calls. An RKF spokeswoman declined to comment. The building at 932 N. Rush is owned by a venture of Chicago-based Enterprise Cos., property records show.
Investor puts suburban apartment properties up for sale
The owners of Palatine Park Apartments, a 62-unit property in Palatine, and the 40-unit Harvard Park Apartments in Harvard put the properties up for sale, according to a news release from Chicago-based brokerage Kiser Group, which has been hired to sell them. The owners, ventures including a local investor named Thomas Chafee, are seeking $7.6 million for the properties at 410-440 W. Palatine Road in Palatine and 106-124 W. Brink St. in Harvard. Mr. Chafee could not be reached for comment. Chafee ventures paid $3.1 million for the Palatine property in 2002, Cook County records show; a past sale price for the Harvard property could not be determined.
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