Pearlmark announced that it closed on a $24.2 million debt investment for the acquisition of 1201 W Lake Street, a seven-story, 141,771 square foot office building located in Chicago, Illinois.
The investment was originated and structured on behalf of Pearlmark Realty Senior Mortgage Partners I, L.P. The property was acquired by Spear Street Capital, a San Francisco-based real estate investment manager.
The property is currently 86% occupied and the building benefits from strong access to commuter transportation with proximity to the CTA Green and Pink Lines at Morgan Station, Ogilvie Transportation Center, and Union Station.
“Pearlmark is excited to execute on this transaction in our backyard of Chicago,” said Mark Witt, Managing Director of Pearlmark, who led the transaction. “We were attracted to the asset’s location in Fulton Market, the institutional quality of the building, and a business plan supported by a strong sponsor.”
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