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Urban Innovations Cashes in on Greektown Office Building Deal


Urban Innovations turned a profit with the sale of two Greektown loft office properties totaling over 153k SF. Urban-owned buildings at 833 W Jackson Blvd and 322 S Green St were sold to a venture led by Crayton Advisors for $29.9M. Urban paid $14M for the properties two years ago. It's another sign that West Loop development and sales are carrying over into other neighborhoods. Crayton managing partner John Abell told Crain's his group plans on buying as much as $200M in office and residential buildings in the West Loop, South Loop and Central Loop under a new brand. [Crain's]