{"id":1004340809,"date":"2019-07-24T03:36:23","date_gmt":"2019-07-24T11:36:23","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004340809"},"modified":"2019-07-24T03:54:00","modified_gmt":"2019-07-24T11:54:00","slug":"stanton-road-capital-acquires-chicago-office-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/stanton-road-capital-acquires-chicago-office-tower\/","title":{"rendered":"Stanton Road Capital Acquires Chicago Office Tower"},"content":{"rendered":"
\"\"<\/a>

200 S. Michigan Ave. Image courtesy of Stanton Road Capital<\/em><\/p><\/div>\n

Stanton Road Capital has made its first downtown Chicago office acquisition. The company partnered with Third Lake Partners LLC, a Tampa, Fla.-based family investment firm, to purchase 200 S. Michigan Ave., a 22-story, Class A building in the East Loop, from the Shidler Group. <\/p>\n

Crain\u2019s Chicago Business<\/em><\/a> is reporting that SRC was expected to pay about $34 million for the leasehold interest in the building, with Shidler Group retaining ownership of the land. Cushman & Wakefield facilitated the sale. <\/p>\n

The property last changed hands in February 2014, when the Shidler Group acquired it from Equus Capital Partners for $69 million, or about $193 per square foot, per Yardi Matrix data. Equus had owned the asset since June 2006, when it paid BGK Group $28.5 million, or about $80 per square foot, according to the same source.<\/p>\n

The 371,566-square-foot building overlooks The Art Institute of Chicago and Millennium Park. Completed in 1958, it is also known by its previous name, the Borg-Warner Building. SRC plans to invest significant capital into the historic mid-century tower. Planned improvements include lobby upgrades and cosmetic renovations. The firm plans to implement a \u201cspec suite\u201d program and update amenities, including the tenant lounge.<\/p>\n

Tim Ronan Jr., founder & managing partner of SRC, said the firm has had success repositioning other office assets in the Chicago market. The company, which has acquired more than 2 million square feet of office space in the Chicagoland area, also owns ArborLake Centre in Deerfield, Ill., and Woodland Corporate Center in Downers Grove, Ill.<\/p>\n

SRC Makes Moves<\/h2>\n

In March, SRC made another purchase in Chicago, acquiring Lakeshore Medical Center<\/a>, a 135,093-square-foot, Class A medical office building on Chicago\u2019s lakefront, according to Yardi Matrix data. The seller was a partnership between CarVal Investors and Zeller Realty Group.<\/p>\n

With the company founded in 2013, SRC principals have acquired more than $6 billion of commercial real estate. The firm currently owns and operates a portfolio of more than 5.5 million square feet. SRC targets opportunistic, value-add and core-plus commercial properties in Chicago, Texas, Southern California and select major Midwest markets.<\/p>\n

In November, SRC acquired The Offices @ Village Business Park<\/a> in Buena Park, Calif., from Westcore Properties. The 10.5-acre, two-building property located at 7000 and 7001 Village Drive totals 141,387 square feet.<\/p>\n

In January 2018, SRC purchased 2323 Grand<\/a>, a 320,976-square-foot office building within Kansas City\u2019s Crown Center from Assurant. The property is located in the city\u2019s Crossroads Arts District.<\/p>\n","protected":false},"excerpt":{"rendered":"

The 22-story property at 200 S. Michigan Ave. in the city\u2019s East Loop is also known as the Borg-Warner Building.<\/p>\n","protected":false},"author":1068,"featured_media":1004340902,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,21743,21808,21783,13,21742,21747],"tags":[32799,46439,33346,36172,36814,36061],"class_list":["post-1004340809","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chicago","category-deals","category-featured","category-investment","category-midwest","category-latest","category-office","tag-cushman-wakefield","tag-east-loop-submarket","tag-equus-capital-partners","tag-stanton-road-capital","tag-the-shidler-group","tag-third-lake-capital"],"acf":[],"yoast_head":"\nStanton Road Capital Acquires Chicago Office Tower - 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\/stanton-road-capital-acquires-chicago-office-tower\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Stanton Road Capital Acquires Chicago Office Tower\" \/>\n<meta property=\"og:description\" content=\"The 22-story property at 200 S. 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