Oklahoma City real estate group buys 5 Rockford properties from locally owned Fridh Corp.

By Kevin Haas
Rock River Current
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ROCKFORD — An Oklahoma City real estate investment firm has purchased five multitenant commercial properties from Rockford-based Fridh Corporation, including the Stewart Square building in downtown, as the local company’s owner prepares to retire.

Spark Properties Group paid a combined $8 million to purchase 1111 S. Alpine Road, 4615 E. State St., 6575-6595 E. State St., 401 W. State St and the Stewart Square building, 308 W. State St., which was the largest acquisition. The purchases total 216,000 square feet and were made in late January, according to records from the Winnebago County Clerk & Recorder’s Office. They were announced Thursday in a news release.

Mason Ghaniabadi, president and managing member of Spark Properties, said the purchases are emblematic of the company’s strategy to invest in markets that show potential for long-term growth and revitalization. The firm has invested in markets like Rockford that are about an hour or hour and a half outside of major metropolitan areas such a as Chicago. Similarly, the company is also working to complete a deal in Appleton, Wisconsin, about a two-hour drive from Milwaukee.The Rockford purchases are the company’s first acquisition in Illinois.

“We see Rockford as a city with tremendous potential,” he said. “The area is vibrant and poised for continued growth. We’re excited to be part of this journey, and we believe in the future of office spaces in this region. Local businesses and employees value in-person connections, and we’re confident these buildings will play a key role in Rockford’s ongoing development.”

He said Rockford’s real estate market still has adequate and fair pricing compared to the escalating costs in larger markets. He also sees positives in Rockford’s economic future.

“I think there’s upside in the market,” Ghaniabadi said. “I think it will continue to get better because there’s been a lot of community reinvestment to improve that.”

Fridh’s Rockford history, retirement plans

The five properties house everything from fitness and health care businesses to law offices and Fridh Corp. offices. The company has a deep history in Rockford, developing buildings that included the former Colonial Village Mall, North Towne Mall and Stewart Square.

“Fridh Corp., I’ll give credit to them, they took fantastic care of the properties,” Ghaniabadi said. “That’s not commonplace right now across the country with offices.”

John Fridh, owner of Fridh Corp., is the grandson of Swedish immigrants and the third generation of family to own the company. He turns 80 next month and, without any family members interested in taking over the business, Fridh has been selling many of their assets including the senior living facility Valkommen Plaza, 310 Seventh St., in February 2023.

“It is a bittersweet moment for me,” Fridh said. “When I finally realized if my kids weren’t interested in the business, and I obviously can’t go on forever, it was just time to make some estate plans. I didn’t want to expire and just dump it all on my kids. That would be chaotic and it certainly wouldn’t do Rockford any good.”

The remaining portions of the company’s portfolio is largely undeveloped property in Rockford and Belvidere. Those holdings include a vacant plot at 993 N. Main St. along the Rock River, which was at one time planned for a high-rise development before the onset of The Great Recession. He also owns a vacant plot along Interstate 90 south of Ingersoll Cutting Tools Co.

“I’ve never done retirement before. I’ve been working all my life, so I’m not sure what’s next,” Fridh said. “I’m going to continue to live in Rockford. I love Rockford. I think it’s a great town. I want to try and still be involved in Rockford.”

Outside investors

The Greater Rockford Chamber of Commerce said Spark Properties’ purchase here is a sign that our market is attractive to outside investors.

“We are excited to welcome innovative companies like Spark Properties to our area,” said Angela Kay Larson, CEO of the Greater Rockford Chamber of Commerce, which has its headquarters in Stewart Square. “It’s exciting to see businesses from outside our market recognize the potential of Rockford and invest in our community. This kind of collaboration is a testament to the growth and opportunities our region offers.”

Ghaniabadi said there aren’t major changes planned for the properties, although he has been meeting with city and hospitality leaders to explore ideas.

Breaking down the sales

6575-6595 E. State St., Rockford

What’s there: The home of Physicians Immediate Care, Caravel Autism Health, Orange Theory and All Family Dental and Braces.

Sold: Jan. 24, 2205

Sale price: $5,550,000 (grouped with 1111 S. Alpine Road)

4615 E. State St., Rockford

What’s there: Multitenant office buildings with tenants that include First Community Credit Union, RGIS Inventory Services, Life Stance Health, and law offices.

Sold: Jan. 27, 2025

Sale price: $450,000

401 W. State St., Rockford

What’s there: A multitenant office building across from the Public Safety Building with the Rockford Township Assessor’s Office, TASC Inc., multiple law offices and other office space.

Sold: Jan. 27, 2025

Sale price: $2 million (sale grouped with 308 W. State St.)

308 W. State St., Rockford

What’s there: Stewart Square includes multiple tenants from the Greater Rockford Chamber of Commerce to Cantina Tacos, Downtown Barbers, Lutheran Social Services, Illinois Bank & Trust, a multitude of law firms and other offices.

Sold: Jan. 27, 2025

Amount: $2 million (sale grouped with 401 W. State St.)

1111 S. Alpine Road, Rockford

What’s there: A multitenant office building including Mosaic disability services, Northwestern Illinois Area Agency on Aging, Physicians Immediate Care, Northern Illinois Building Contractors Association, The Alzheimer’s Association, the Fridh Corp. headquarters, multiple other law firms, financial services groups and other offices.

Sold: Jan. 24, 2025

Sale price: $5,550,000 (grouped with 6575-6595 E. State St.)

This article is by Kevin Haas. Email him at khaas@rockrivercurrent.com or follow him on X at @KevinMHaas or Instagram @thekevinhaas and Threads @thekevinhaas