Spirit Bascom Ventures<\/a> has acquired 5200 N. Sheridan Road, a mixed-use redevelopment project in Chicago’s\u00a0fast growing Edgewater\/Andersonville neighborhood, for $21.6 million.<\/p>\nSpirit Bascom is a partnership between The Bascom Group, LLC and Spirit Investment Partners.<\/p>\n
\u201cWe\u2019re a value-add buyer, so everything we look at has some sort of value-add component to it,\u201d Scott Zwilling, Spirit Investment Partners\u2019 principal, told Commercial Property Executiv<\/em>e. \u201cWe had been looking at Chicago for a while and felt some of the areas downtown and in the Loop were overpriced, and this was just in the outskirts but a lakefront community that had been overlooked for a number of years. Post-recession had seen a few deals repositioned very successfully, and that\u2019s what we look for.\u201d<\/p>\nThe existing eight-story prewar building currently consists of 223 rental units with unobstructed views of\u00a0Lake Michigan\u00a0and approximately 9,000 square feet of ground floor retail space.<\/p>\n
\u201cThe owner hadn\u2019t done much of anything, it was completely un-renovated, and in a great area a block away from two properties that had been successfully renovated,\u201d Zwilling said. \u201cI feel there is now a newfound interest in this area and some other suburbs for institutional investment.\u201d<\/p>\n
A major repositioning will consist of the repair or replacement of major mechanical systems, windows and elevators, and borrow style and space planning elements from the boutique hotel space to curate an exciting new tenant lounge, fitness center and rooftop deck.<\/p>\n
\u201cWe\u2019re modernizing all the building\u2019s systems, we\u2019ll be renovating all the units to a high-end standard, we\u2019re adding all sorts of amenity space that doesn\u2019t exist and ultimately will upgrade this to Class A quality,\u201d Zwilling said. \u201cEverything we do, we look to improve.\u201d<\/p>\n
Each renovated apartment will feature modern, open floor plans with all-new kitchens and bathrooms with stone counters tops, stainless steel appliances, refinished hardwood floors, and contemporary urban fixtures and finishes throughout.<\/p>\n
According to Zwilling, the neighborhood is attracting transformative projects attracted to the improving demographics such as high-end grocer Mariano\u2019s, and the 198-unit luxury high-rise development at 5440-50 N. Sheridan Road recently announced by Greystar Investment Group.<\/p>\n
The building is located two blocks from the Berwyn Street stop on the Red \u201cEl\u201d Line and is just a short walk to the vibrant N Clark Street retail corridor and family-friendly Foster Beach.<\/p>\n
Todd Stofflet\u00a0of KIG CRE represented the seller, who was not disclosed, in the transaction.<\/p>\n","protected":false},"excerpt":{"rendered":"
Spirit Bascom Ventures has acquired 5200 N. Sheridan Road in Chicago’s fast growing Edgewater\/Andersonville area. <\/p>\n","protected":false},"author":451,"featured_media":1004132406,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,21781,13,21752,21742],"tags":[],"class_list":["post-1004132402","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chicago","category-corporate-real-estate","category-midwest","category-mixed-use","category-latest"],"acf":[],"yoast_head":"\n
Chicago Mixed-Use Redevelopment Commands $21.6M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/chicago-mixed-use-redevelopment-commands-21-6m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chicago Mixed-Use Redevelopment Commands $21.6M\" \/>\n<meta property=\"og:description\" content=\"Spirit Bascom Ventures has acquired 5200 N. 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