Alex. Brown, Ameritus JV Lands Chicago Office Asset
- Feb 26, 2016
Chicago—A joint venture between Alex. Brown Realty Inc. of Baltimore and Ameritus LLC has acquired a 150,815-square-foot office asset situated within the Windy City’s Illinois Medical District. The ABR-sponsored Chesapeake Fund V invested $5.2 million in the venture.
Located within the largest urban medical district in the U.S., roughly two miles west of the Chicago Loop, The Hastings Center was 90 percent occupied at the time of sale. Originally constructed as the office component of a larger industrial development, the four-story building features 15-foot ceilings, 10-foot windows, open floor plates and extensive tenant parking.
ABR and Ameritus plan to further enhance the asset by upgrading the entrance/lobby area, bringing onsite maintenance and expanding the building’s parking ratio.
“We were able to acquire the asset at a favorable discount to replacement cost and comparable trades,” Tom Burton, ABR chief investment officer said in a statement. “The attractive pricing will allow for healthy operating cash flow during the renovation period.”
“We like the strong market dynamics occurring within the IMD and near west-side of Chicago and look forward to working with Ameritus,” added John Prugh, president & CEO of ABR.
Image courtesy of the Illinois Medical District Facebook page