A 46,000 sf mixed-used office and retail property located in the Gold Coast neighborhood of Chicago, Illinois. The property was acquired in 1999 at 35% occupancy.
The investment strategy for this asset was to lease-up shell condition space and upgrade the quality and credit of the tenant base. In addition, over time, the property has taken advantage of strong tenant demand. Rents have more than doubled for retail spaces since acquisition and the property is currently 95% leased. Based on a refinancing of the property and strong cash flows, investors have made more than 4 times their initial investment.