Tuesday, November 8, 2016

KIG Brokers $86 Million Portfolio Sale in Downtown Chicago

901 West Jackson, Chicago, IL

Susan Tjarksen
 CHICAGO, IL (Nov. 8, 2016) — KIG, Chicago’s leading commercial real estate brokerage firm specializing in institutional multifamily properties throughout the Midwest, today announced it has brokered an $86 million portfolio sale of six vintage office buildings and three land sites in downtown Chicago.

Real estate investment firm R2 Companies purchased the properties, located throughout the West Loop, Greektown, River North and Printers Row, from Chicago-based Loft Development Corp., which was represented by KIG Principal and Managing Broker Susan Tjarksen.
“For a transaction of this scale, it was crucial for KIG to find a buyer that was not only familiar with these neighborhoods, but also had the connections and experience necessary to maximize the value of the underlying real estate through adaptive reuse and multifamily developments,” said Tjarksen.

 “R2 was selected because of their successful track record of developing, renovating and repositioning commercial real estate assets, including numerous loft office buildings and land sites, throughout Chicago and the Midwest.”

Matt Garrison
 Built between 1883 and 1904, the properties are collectively 90.8 percent occupied, with an average of 3.9 years remaining on existing leases.

“These properties are located in some of Chicago’s hottest neighborhoods for office, retail and residential development, which made them especially attractive from an investment standpoint because we were able to expand our footprint in a single transaction,” said Matt Garrison, managing principal of R2. 

“With the help of KIG, we were able to see the potential in each asset and value that could be realized through additional investment.”

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

Rebecca Boykin, rboykin@taylorjohnson.com, (312) 267-4523
Abe Tekippe, atekippe@taylorjohnson.com, (312) 267-4528

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