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If you stabilize a distressed asset in a marquee submarket, someone will eventually buy it. That's the lesson learned today after Steelbridge Capital JV'd with a Middle Eastern wealth fund to buy a 10-story Evanston office building for $18M.
Sabal Financial Group paid $15M for 500 Davis St in 2014, five years after it went into foreclosure. This marks a 21% ROI for Sabal, Crain's reports. It's Steelbridge's first Chicago acquisition since managing partner (and LaSalle Investment Management vet) Gavin Campbell founded the firm a decade ago.
Steelbridge's partner in the deal is The Family Office, a Bahrain-based fund manager. Campbell believes Evanston's low vacancy rates will help Steelbridge continue to boost the property's revenue. [Crain's]
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