The seller was a joint venture between affiliates of DRA Advisors and DLC Management Corp. Matthews Real Estate Investment Services represented the seller in the transaction.
Talks about a slowdown in commercial real estate have been constant. However, developers and retail landlords are steadily rolling out projects to create value.
The vacant office property will undergo renovations to capitalize on its location and size to turn into a Class-A boutique office building.
The building’s 80th floor is now open to the public, serving as the four-year redevelopment’s final phase.
The transaction marks TF Cornerstone’s expansion into Brooklyn with its developments in Downtown Brooklyn and Prospect Heights.
RentRedi has set its sights beyond digitizing the road to securing an apartment and is now focused on deploying technology that would make renting as easy as ordering food or a rideshare.
The transaction marks the highest sale price achieved for a bulk condo sale in the history of Chicago, according to CBRE, which brokered the deal. New ownership will deconvert the property back to apartments.
The newly constructed, single-story warehouse property sits on six acres and will house a large Goodwill Outlet store, accommodating the organization’s e-commerce warehouse growth.
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