R
ockford-based Fridh Corporation has sold five commercial properties to Oklahoma City's Spark Properties Group, marking the company's first acquisition in Illinois. The purchases total 216,000 square feet and include the Stewart Square building in downtown Rockford.
Spark Properties paid a combined $8 million for the properties, which were acquired in late January. The firm's president, Mason Ghaniabadi, said the purchases are part of their strategy to invest in markets with long-term growth potential. He sees Rockford as a city with "tremendous potential" and believes its office spaces will play a key role in the region's development.
Ghaniabadi notes that Rockford's real estate market still offers fair pricing compared to larger markets, making it an attractive investment opportunity. He also praises Fridh Corp.'s history of taking good care of their properties, which is not common across the country.
John Fridh, owner of Fridh Corp., is retiring and selling off many of his assets, including the senior living facility Valkommen Plaza. The company's remaining portfolio includes undeveloped property in Rockford and Belvidere. Fridh plans to continue living in Rockford and may still be involved in local projects.
The Greater Rockford Chamber of Commerce views Spark Properties' purchase as a sign that their market is attractive to outside investors. CEO Angela Kay Larson said the company's investment is a testament to the growth and opportunities offered by the region.
Spark Properties does not plan major changes for the properties, but Ghaniabadi has been meeting with city leaders to explore ideas. The sales include:
* 6575-6595 E. State St.: Sold for $5,550,000 (grouped with 1111 S. Alpine Road)
* 4615 E. State St.: Sold for $450,000
* 401 W. State St.: Sold for $2 million (sale grouped with 308 W. State St.)
* 308 W. State St. (Stewart Square): Sold for $2 million (sale grouped with 401 W. State St.)
* 1111 S. Alpine Road: Sold for $5,550,000 (grouped with 6575-6595 E. State St.)
