.
 |
| William Shopoff |
CHICAGO, IL (Oct. 5, 2016)
– Shopoff Realty Investments, a national manager of opportunistic and value-add
real estate investments, announced today that the company has acquired two
creative loft commercial buildings in premier Chicago neighborhoods.
In line with
the company’s strategy, there is a possibility of the addition of a co-investor
in the near future.
The properties are located
at 900 N. Franklin Street and 224 N. Desplaines Street in the River North and
West Loop neighborhoods, respectively.
The 900 N. Franklin Street building is a
87,270-square-foot creative, loft office space with outstanding views, close to
restaurants and retail establishments. As of the date of the acquisition, the
occupancy rate is 89 percent.
The 224 N. Desplaines
Street building is a 76,729-square-foot creative, loft office space boasting
excellent views and modern amenities in the booming West Loop neighborhood that
is close to some of Chicago’s best restaurants and bars. As of the date of the
acquisition, the occupancy rate is 92 percent.
 |
| David Placek |
“Both properties are
located in prestigious Chicago neighborhoods and currently renting at 30
percent below market rates,” said William
Shopoff, chief executive officer of Shopoff Realty Investments.
“There is a shift by employers
moving away from traditional office spaces in the Chicago suburbs to more open,
creative-style offices with character downtown,” said David Placek, executive vice president of Shopoff Realty
Investments.
“With limited loft-style office inventory available, our plan is
to focus on interior improvements and updates with the intention of stabilizing
rents at current market rates.”
For a complete copy of the company’s news release,
please contact:
Jill Swartz
Spotlight Marketing
Communications
949.427.5172, ext. 701
or call (844) 4-SHOPOFF.
No comments:
Post a Comment