A portion of the historic asset will likely be transformed to flats.
Intersection Realty Group has acquired Chicago-based, mixed-use constructing 65 East Wacker Place for $19.3 million. CommercialEdge reveals that ACRES Capital–REO bought the asset after just one yr of possession.
The 222,728-rentable-square-foot property dates again to 1928 and was final renovated in 2013, in accordance with the identical knowledge supplier. Listed on the Nationwide Register of Historic Locations, 65 East Wacker Place is anchored by Morton’s Steakhouse on the primary two flooring, and options an 18,000-square-foot retail area. The 24-story property was 46 p.c leased on the time of the sale.
Intersection Realty Group plans to reposition the asset by partly changing it to rental flats, whereas protecting the constructing’s retail and workplace presence. Co-Founder & Principal Chase Chavin acknowledged in ready remarks that the brand new constructing will cater to residents working in hybrid fashions.
Situated in Chicago’s Central Enterprise District, 65 East Wacker Place is inside strolling distance of the CTA superstation at State and Lake. Moreover, the constructing provides ease of entry to a number of different commuting choices within the metro, together with Ogilvie Transportation Heart, Union Station and Randolph Metra Station. The property can also be roughly 11 miles away from interstates 90 and 94.
JLL Capital Markets Senior Administrators Sam DiFrancesca and Patrick Shields, along with Managing Administrators Jaime Fink and Bruce Miller, acted on behalf of the vendor and in addition procured the client.
