ACO Commercial Bulk Sale of “The Guild” South Loop Condos (Crain’s Chicago Business)
ACO Commercial “representing 15 unsold condos at the Guild”:
Published – Crain’s Chicago Business: “Cheaper by the dozen(ish)? Investor tries bulk sale of South Loop condos,” by Dennis Rodkin”:
“Two years after putting a block of 141 condos in a South Loop building up for sale individually, a Los Angeles-based investment group hopes to close out the inventory soon by offering the last 15 in bulk to somebody who wants to finish the job.
“They’re ready to exit and want to hand what’s left to somebody else,” said George Toscas, the ACO Commercial vice president who is representing 15 unsold condos at the Guild, the 14-story tower at 50 E. 16th St., for owner Oaktree Capital Management.
The effort to sell them individually to homeowners, brokered by @properties, will continue concurrently, Toscas said. The bulk asking price is not specified but would be approximately the sum of the asking prices of the 15 units, $7.1 million, Toscas said.
Oaktree seized the 141 units, 80 percent of the tower’s 176 units, in 2012 after it fell into bankruptcy, and rented the units to tenants for a few years before opting to restart sales in November 2014.
By August of this year, all but 21 had been sold, and now, Toscas said, “they’re ready to be out of this project.”
Through Toscas, Oaktree officials declined to comment.
While it’s not common for a seller to offer units both in bulk and individually at the same time, Toscas said he’s handled similar situations before, including for a property in Oak Lawn. He declined to give further details. “It usually ends up going as bulk, because it’s simpler for the seller,” Toscas said.
He said a bulk buyer may choose to retain the current brokerage to continue its sales effort.
The most recent sale in the building to an individual buyer was Nov. 14, when a three-bedroom, 2,150-square-foot unit on the 14th floor sold for $698,880.”