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| 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.
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| 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 | www.hfflp.com
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