{"id":1004137886,"date":"2016-02-26T06:26:27","date_gmt":"2016-02-26T14:26:27","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004137886"},"modified":"2020-04-16T05:18:15","modified_gmt":"2020-04-16T13:18:15","slug":"alex-brown-ameritus-jv-lands-chicago-office-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/alex-brown-ameritus-jv-lands-chicago-office-asset\/","title":{"rendered":"Alex. Brown, Ameritus JV Lands Chicago Office Asset"},"content":{"rendered":"

By Ioana Neamt, Associate Editor<\/em><\/p>\n

\"Illinois<\/a>

Illinois Medical District, Chicago<\/p><\/div>\n

Chicago<\/strong>\u2014A joint venture between Alex. Brown Realty Inc.<\/a> of Baltimore and Ameritus LLC<\/a> has acquired a 150,815-square-foot office asset situated within the Windy City\u2019s Illinois Medical District<\/a>. The ABR-sponsored Chesapeake Fund V invested $5.2 million in the venture.<\/p>\n

Located within the largest urban medical district in the U.S., roughly two miles west of the Chicago Loop, The Hastings Center was 90 percent occupied at the time of sale. Originally constructed as the office component of a larger industrial development, the four-story building features 15-foot ceilings, 10-foot windows, open floor plates and extensive tenant parking.<\/p>\n

ABR and Ameritus plan to further enhance the asset by upgrading the entrance\/lobby area, bringing onsite maintenance and expanding the building\u2019s parking ratio.<\/p>\n

\u201cWe were able to acquire the asset at a favorable discount to replacement cost and comparable trades,\u201d Tom Burton, ABR chief investment officer said in a statement. \u201cThe attractive pricing will allow for healthy operating cash flow during the renovation period.\u201d<\/p>\n

\u201cWe like the strong market dynamics occurring within the IMD and near west-side of Chicago and look forward to working with Ameritus,\u201d added John Prugh, president & CEO of ABR.<\/p>\n

Image courtesy of the Illinois Medical District Facebook page<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The 150,815-square-foot Hastings Center office building has changed owners in Chicago.<\/p>\n","protected":false},"author":192,"featured_media":1004137887,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,21743,21783,21754,13,21742,21747],"tags":[],"class_list":["post-1004137886","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chicago","category-deals","category-investment","category-medical-office","category-midwest","category-latest","category-office"],"acf":[],"yoast_head":"\nAlex. 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