By Ioana Neamt
Chicago—Shopoff Realty Investments has recently acquired two creative office buildings totaling 164,000 square feet in Chicago. HFF marketed the two assets at 900 N. Franklin and 224 N. Des Plaines on behalf of the seller, R2 Cos. and the Alternative Investments & Manager Selection (AIMS) Real Estate Group—a business unit of Goldman Sachs Asset Management. HFF also procured the buyer. The purchase price for the two assets has not been disclosed, but data from Yardi Matrix shows the buildings traded for a total of $37 million.
Originally built in 1920 for industrial use, the mid-rise building at 900 N. Franklin St., in the River North neighborhood was converted to office space in 1986 and completely renovated in 2014, according to Yardi Matrix. The asset comprises 95,000 square feet of office space across eight floors, and includes 5,500 square feet of first-floor retail space and 22 parking spots. The creative loft space features exposed high ceilings, open floor plans, concrete columns, a newly renovated lobby and plenty of natural light.
Constructed in 1910 in the West Loop submarket, 224 N. Des Plaines incorporates 76,729 square feet of brick and timber creative loft office space. The six-story building offers easy access to Ogilvie, Union Station, two EL lines and Randolph Street.
An HFF investment sales team led by senior managing directors Jaime Fink, Jeff Bramson and Mark Katz represented the seller in the transaction. HFF Director Trent Niederberger led the debt placement team representing the borrower.
Image courtesy of Yardi Matrix