Cushman & Wakefield’s Tampa-Based National Senior Housing Team Negotiates Sale of The Clare, an Iconic Chicago High-Rise and One of the Nation’s Most Prestigious Senior Living Communities

The Clare was developed in 2008, and is a ±700,000-SF, 53-story, high-rise condominium community in Chicago's affluent Gold Coast Neighborhood

CHICAGO, IL — Cushman & Wakefield has negotiated the sale of The Clare, a luxury 338-unit high-rise continuing care retirement community (CCRC) in the heart of Chicago’s affluent Gold Coast neighborhood.

The Tampa, FL-based Cushman & Wakefield Senior Housing team led by Executive Director Allen McMurtry and Senior Director David Kliewer represented a joint venture between New York-based alternative asset manager Fundamental Advisors LP and Harrison, NY-based owner and developer Senior Care Development, LLC (SCD). 

Allen McMurtry 

Under the direction of the ownership team, occupancy increased from ±34% at the time of acquisition in 2012 to the current occupancy of ±99%.

Des Moines, IA-based senior living company LCS, which was a minority investor in the SCD acquiring entity in 2012, purchased the asset as the new majority owner with SCD retaining a minority investment moving forward.

 Life Care Services, the management arm of LCS which had previously managed the property under the sellers’ ownership, will remain as the manager. 

The Clare is a high-end CCRC with luxury interiors, offering residents premier views of the Downtown Chicago cityscape and Lake Michigan, as well as walkable access to nearby downtown amenities, all within a full continuum of care. 

Located within the Gold Coast, the seventh most affluent urban area in America, The Clare is situated one block from The Magnificent Mile and just over a mile from the Navy Pier.

At 55 East Pearson St., The Clare was developed in 2008, and is a ±700,000-square-foot, 53-story, high-rise. The property’s unit mix includes 248 independent living apartments, 26 assisted living units, 14 memory care units and 50 skilled nursing beds.

David Kliewer 

 The Clare offers a selection of one-, two- and three-bedroom independent living units averaging ±1,200 square feet. It was ±99% occupied with a waiting list at the time of sale.

The Clare shares a portion of the development with Loyola University’s Water Tower Campus. Loyola and The Clare have a lease agreement for thedone deals parcel’s land/development rights on which the building was developed. 

“The Clare is widely recognized as the premier Senior Living high-rise in the nation. The successful turnaround of this trophy asset represents a tremendous accomplishment for the senior living industry and, in particular, the entrance fee CCRC operating model,” said Mr. McMurtry. 

“The team of Fundamental, SCD and LCS executed a multi-year strategic plan resulting in not only an exceptional financial outcome, but a thriving community for the residents and staff of The Clare.”

Added Mr. Kliewer, “The Clare is truly a one-of-a-kind senior living asset in one of the most affluent and highest barrier-to-entry locations in the country. With Life Care Services continuing to operate the community going forward, it is well-positioned for future success.”

Media Contact:

David A. Meyer
Meyer Media  
+ 1 407 489 7488
david@meyer.media

 www.cushmanwakefield.com 

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Katz & Associates Announces Southeast Employee Promotions; Florida-based Eggnatz, Fontaine, Spritz, and Rodriguez Level Up in the New Year

 Nicole Fontaine

Englewood, NJ – Brian Katz, CEO of Katz & Associates, is pleased to announce promotions of David Eggnatz, Nicole Fontaine, and Eric Spritz in the Boca office, and Vanessa Rodriguez in the Orlando office.

 “Our success is built on the positive contributions from the individuals who comprise our strong team,” said Katz. “We’re thankful for the great work that has come from these best-in-class brokers, and we look forward to more in their new roles in the new year and new decade.”

Promotions in the Katz & Associates Boca Office

 David Eggnatz

David Eggnatz has been promoted to Senior Director. He is a third-generation Florida resident with in-depth understanding and knowledge of the Florida markets. He has been a valuable asset to Katz & Associates for more than six years.

Eggnatz works with national, regional and local retailers throughout Florida in addition to representing national and regional real estate owners in a third-party leasing capacity.

Nicole Fontaine has been promoted to Senior Director. With 18 years of experience including almost three years at Katz & Associates, she focuses on retail tenant and landlord representation including: new development, mix use leasing, and strategic asset marketing.

Eric Spritz

Fontaine works throughout Broward and Palm Beach counties with an emphasis on areas including Boca Raton, and downtown areas of Fort Lauderdale and Delray Beach.

As a South Florida native, she has an intimate knowledge of the South Florida market, deep community ties, and numerous professional connections.

Eric Spritz has been promoted to Senior Director. As a third-generation Florida resident, his knowledge and understanding of South Florida make him a valuable asset for tenants and landlords.

Over the past two and a half years at Katz & Associates, Spritz has handled all facets of commercial leasing including tenant and landlord representation, contract negotiation, business development, and canvassing.

Vanesa Rodriguez 

Promotion in the Katz & Associates Orlando Office

Vanesa Rodriguez has been promoted to Director. With ten years of experience including three and a half years at Katz & Associates, Vanesa’s key focus is retail leasing where she handles all aspects of tenant and landlord representation, market analysis, commercial retail leasing, and sales transactions throughout Central Florida.

Brian Katz

Katz & Associates began operations in January of 1996. The company currently maintains offices in New York City, Charlotte, Boca Raton, Nashville, New Jersey and Orlando.

 Katz & Associates’ primary focus is assisting retailers, restaurants and landlords in all capacities including strategic planning, market analysis, lease and sale negotiations and dispositions. Our team of seasoned veterans has decades of experience and invaluable market knowledge.

CONTACT:

 Laurie Kaiden

201-731-8469 (o) or 917-593-2982 (cell).