Chicago buildings on the market...

Here's a short list in Crain's. The story features Congress Center in the West Loop area, a building with which I have more than a passing familiarity. Triple Net Properties (now known as Grubb & Ellis after they bought G&E last year and took the name) bought the building in a highly-leveraged tenant-in-common (TIC) deal. It seemed like a good move because of the leases in place. But now vacancies have risen and more buildings are on tap in that sub-market, so experts think the profit may be only 10% above the purchase price of ~five years ago. Now, the deal is levered so that makes the cash-on-cash return a little better, but this might be a bloop single, not a home run. Stuff happens. At least the TIC investors are not losing their investment, which is a topic I will have to discuss one of these days.