Saturday, June 18, 2016

HFF closes sale of mixed-use entertainment and retail destination center in Chicago

River East Center, 322 East Illinois Street, Streeterville Area, Downtown Chicago, IL

CHICAGO, IL –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of River East Center, a 251,060-square-foot, mixed-use, parking, urban entertainment and retail destination center in the Streeterville area of downtown Chicago.

HFF worked on behalf of the seller, Intercontinental Real Estate Corporation.  Madison Capital, in a joint venture with Wheelock Street Capital, who purchased the asset with plans to re-brand and reinvigorate the retail profile of the asset. 

Amy Sands
In addition, concurrently with closing, the purchaser sold the parking component to Laz Parking Realty Investors. 

Situated on 2.81 acres and encompassing an entire city block, River East Center comprises a three-level retail and entertainment complex and a four-level underground parking garage with 1,154 spaces.

 The property, located at 322 East Illinois Street, is 97.8 percent leased and is home to AMC Theatres, Lucky Strike, LA Fitness, FTW Chicago, Walgreens, Bright Horizons, NIU Sushi, Bellweather and BMO Harris Bank.

 Additionally, the property has both an 18-story Embassy Suites hotel and a 58-story, 620-unit luxury condominium tower, both not included in the offering.  
River East Center is strategically situated in the heart of Chicago’s Streeterville neighborhood between two of the city’s most popular tourist destinations, Michigan Avenue to the west and Navy Pier to the east.  

The HFF investment sales team representing the seller was led by directors Amy Sands and Clinton Mitchell, senior managing director Daniel Finkle and managing director Mark Katz.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Director, Marketing
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

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