By Ioana Neamt
Chicago—Structured Development has announced the sale of a 224,000-square-foot retail and medical office building at 1460 N. Halsted St., in Lincoln Park. The Chicago-based company sold the mixed-use asset to a foreign institutional investment fund represented by LaSalle Investment Management. Details of the transaction have not been disclosed.
Completed back in 2009, the Blackhawk on Halsted mixed-use development incorporates three separate structures, as follows: an 82,901-square-foot building housing the British School of Chicago, which has leased the space through 2040; an adjacent building featuring 28,016 square feet of retail and 93,287 square feet of medical office space; and a third building featuring a 550-car parking garage and an additional 48,016 square feet of ground-floor retail space.
“This property is located in the epicenter of the expanding Clybourn Corridor, where our firm has completed several projects over the last 15 years, including the NEWCITY mixed-use development across the street from Blackhawk on Halsted,” Daniel Lukas, principal & co-founder of Structured Development, said in a statement. “While we highly value the Blackhawk on Halsted property, we determined it to be in our investors’ best interest to sell this asset and redeploy the equity into new development opportunities in the neighborhood.”
Blackhawk at Halsted’s retail tenant roster include The Tile Shop and REI, whose 28,000-square-foot store is the company’s sole Chicago location. Medical office tenants include Northwestern Memorial Physicians Group, Advocate Health Care and Town & Country Pediatrics.
“Blackhawk on Halsted’s diverse tenant mix, along with its highly desirable location, allowed us to maximize buyer interest in the property,” said J. Michael Drew, founding principal of Structured Development. “The sale of this core asset reflects the value in long-term, credit-leased real estate and affirms the institutional investment community’s recognition of Chicago and the Clybourn Corridor as a desirable market for investment.”