Renaissance Place Sale Leaves German Bank With More Than $20M Loss

HIGHLAND PARK, IL — A German bank has taken a loss of more than $20 million on its sale of commercial property Renaissance Place in downtown Highland Park, according to Crain's.

Metzler, the North American branch of Bankhaus Metzler, paid $53.1 million for Renaissance Place back in December 2006, but Crain's reports it sold for $32.7 million, according to Lake County records.

Dallas-based mall investment group Tabani, owners of Glen Town Center in Glenview, have purchased the 221,000-square-foot former Saks Fifth Avenue site at 1849 Green Bay Road.

On top of its retail space, the mixed-use property includes 30 apartments and 55,000 square feet of offices that are 90-95 percent leased, the deal's brokers told Crain's.

Tabani owns properties nationwide, and in recent years it has expanded its Illinois portfolio to include seven properties, according its website.

Last year, it bought the foreclosed Deer Park shopping center, Town Center Promenade for $14.1 million. In 2014, it bought the Glen Town Center out of foreclosure for $25 million. It also owns Geneva Crossing near Carol Stream and Danville Village Mall and Alton Corners downstate.

County records show its Renaissance Place acquisition was financed with the help of a $25.4 million loan from Goldman Sachs, Crain's reports.

» via Crain's Chicago Business

Top photo: Renaissance Place (Google Street View)