{"id":1004183849,"date":"2017-07-14T01:58:07","date_gmt":"2017-07-14T09:58:07","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004183849"},"modified":"2022-12-09T01:38:23","modified_gmt":"2022-12-09T09:38:23","slug":"free-market-ventures-jv-acquires-chicago-office-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/free-market-ventures-jv-acquires-chicago-office-asset\/","title":{"rendered":"Free Market Ventures JV Acquires Chicago Office Asset"},"content":{"rendered":"<p>By IvyLee Rosario<\/p>\n<div id=\"attachment_1004183853\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/6400-Shafer-Court.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004183853\" data-attachment-id=\"1004183853\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/free-market-ventures-jv-acquires-chicago-office-asset\/free-market-ventures-6400-shafer-court\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/6400-Shafer-Court.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Free Market Ventures&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;6400 Shafer Court (PRNewsfoto\/Free Market Ventures)&quot;,&quot;created_timestamp&quot;:&quot;1499817600&quot;,&quot;copyright&quot;:&quot;This image must be used within the context of the news release it accompanied. Request permission from issuer for other uses.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;Free Market Ventures 6400-Shafer-Court&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"6400 Shafer Court\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;6400 Shafer Court &lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/6400-Shafer-Court.jpg?w=800\" class=\"wp-image-1004183853 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/6400-Shafer-Court.jpg\" alt=\"6400 Shafer Court \" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/6400-Shafer-Court.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/6400-Shafer-Court.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/6400-Shafer-Court.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004183853\" class=\"wp-caption-text\">6400 Shafer Court<\/p><\/div>\n<p>Free Market Ventures, in a partnership with Second City Real Estate, acquired 6400 Shafer Court, a transit-oriented office asset located in the O&#8217;Hare submarket of Chicago.\u00a0<\/p>\n<p><em>&#8220;(The property) ideally fits our business model of partnering with high-quality local operators in strong submarkets,&#8221;<\/em> said Greg Tylee, managing director of Second City, in prepared remarks. <em>&#8220;FMV&#8217;s business plan will position the building very well within the strong O&#8217;Hare submarket.&#8221;<\/em><\/p>\n<p>The 179,442-square-foot property is currently 88 percent leased to 15 tenants, including Seasons Healthcare Management, Haemonetics Corp. and Cap Gemini. Originally constructed in 1980, the eight-story building was renovated in 1991, 2006 and 2015.\u00a0The asset will be undergoing renovations to the lobby, as well as the addition of a fitness center and upgrades to the communal spaces. This is the first office investment for Free Market Venture&#8217;s FMV Fund I.\u00a0<\/p>\n<h2>Transit-Oriented\u00a0<\/h2>\n<p>The property is located within a mixed-use block that features the Hyatt Rosemont, two Class A office buildings, the City of Rosemont Village Hall, a large parking garage and access to retail. The building\u00a0is a gateway to Chicago, with its close proximity to the Blue Line &#8216;L,&#8217; METRA commuter rail, the\u00a0highway and O&#8217;Hare International Airport.\u00a0<\/p>\n<p>Crossroads Partners will handle property management.\u00a0Cushman &amp;\u00a0<span class=\"xn-location\">Wakefield<\/span>\u00a0will handle leasing for the property. Most recently, the company also landed an assignment\u00a0for Prism Capital Partners&#8217; latest historic redevelopment, <a href=\"https:\/\/www.commercialsearch.com\/news\/cushman-wakefield-to-lease-former-la-roche-campus\/\">ON3 in Clifton, N.J.\u00a0<\/a><\/p>\n<p><em>Image courtesy of\u00a0Free Market Ventures<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The partnership purchased 6400 Shafer Court, which offers 179,442 square feet of space and is currently 88 percent leased to 15 tenants. <\/p>\n","protected":false},"author":746,"featured_media":1004183853,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,21743,13,21742,21747],"tags":[36736,34896,36735],"class_list":["post-1004183849","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chicago","category-deals","category-midwest","category-latest","category-office","tag-crossroads-development-partners","tag-cushman-wakefield","tag-second-city-capital-partners"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Free Market Ventures JV Acquires Chicago Office Asset - 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\/free-market-ventures-jv-acquires-chicago-office-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Free Market Ventures JV Acquires Chicago Office Asset\" \/>\n<meta property=\"og:description\" content=\"The partnership purchased 6400 Shafer Court, which offers 179,442 square feet of space and is currently 88 percent leased to 15 tenants.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/free-market-ventures-jv-acquires-chicago-office-asset\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-07-14T09:58:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T09:38:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/6400-Shafer-Court.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"IvyLee Rosario\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/free-market-ventures-jv-acquires-chicago-office-asset\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/free-market-ventures-jv-acquires-chicago-office-asset\\\/\"},\"author\":{\"name\":\"IvyLee Rosario\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/f2094ece0e063845f848c7f1c7b84780\"},\"headline\":\"Free Market Ventures JV Acquires Chicago Office Asset\",\"datePublished\":\"2017-07-14T09:58:07+00:00\",\"dateModified\":\"2022-12-09T09:38:23+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/free-market-ventures-jv-acquires-chicago-office-asset\\\/\"},\"wordCount\":255,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/free-market-ventures-jv-acquires-chicago-office-asset\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2017\\\/07\\\/6400-Shafer-Court.jpg\",\"keywords\":[\"Crossroads Development Partners\",\"Cushman &amp; 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