By Bob Uphues
The distinctive Citibank property at 9009 Ogden Ave. in Brookfield has sold for $3.6 million, according to information obtained from the Cook County Recorder of Deeds. The deal closed on Oct. 19.
Property records identify the buyer as USA 786 LLC, whose sole manager is listed as Abbas L. Datoo, who lists an address in Lake Mary, Florida, a suburb of Orlando.
Citibank is expected to remain in place under terms of a long-term lease.
Datoo's name is linked to about a dozen active and former corporations in the state of Florida, many of them apparently involved in real estate investment. A central Florida news website, GrowthSpotter, identified Datoo as part of an investment group with ties to the United Arab Emirates.
In 2016, a corporation listing Datoo as its manager, AIM 786 LLC, purchased a 3-acre, 10-building industrial park near the Orlando Sanford International Airport. The Landmark attempted to contact Datoo through phone numbers found online, but was unsuccessful.
The Citibank building in Brookfield, which opened in 1961 as Brookfield Federal Savings and Loan, had been on the market with a listing price of $4,990,000. In 2015, a corporation called CP Sunshine 2 LLC bought the property from Citibank for almost $5.4 million.
CP Sunshine 2 LLC is connected to a firm named Corporate Partners Capital Group Inc., which is headquartered in California.
Nicholas Greifer, the village of Brookfield's director of community and economic development, said that it appears Datoo's corporation has purchased the bank property as a safe investment with a long-term lessor.
"I think it's analogous to Sherwin Williams; a buy and hold, an investor who wanted the long-term rental income," said Greifer, referring to the sale of the paint store property in May to a Silicon Valley-based investor.
In the case of the Sherwin Williams property, the seller, who had also developed the property, made a nice profit. The seller had obtained the property, which is part of the Ogden Avenue TIF District, from the village for $10 and took out an $837,000 construction loan.
The California-based buyer paid $1.5 million for the Sherwin Williams property on May 19.
Coincidentally, the sale of the Citibank building came just a month after the death of its architect, Bill Pavlecic, at the age of 95.