Investors cash out of River North building

Investing in the strong River North loft office market has paid off well for a local investor group, which cashed out of a building on LaSalle Street for a hefty gain.

A venture including Chicago trader Michael Palumbo and Skokie-based Elmdale Partners sold a 50,000-square-foot brick office building at 435 N. LaSalle St. for $17 million to an East Coast investor, according to a statement from the venture. That’s 52 percent more than what Palumbo and Elmdale put into the property.

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