Structured Development Announces 100 KSF Office Sale
- Feb 24, 2017
Chicago—Structured Development’s founding principal, Michael Drew, announced the $27.8 million sale of 1333 N. Kingsbury, a 100,000-square-foot office building in Chicago’s Clybourn Corridor. Credit Suisse Group, a Zurich-based company bought the asset for $278 per square foot. Cody Hundertmark and Blake Johnson of CBRE represented the seller, Everbury Partners, a limited partnership managed by Drew.
Prior to becoming an office space, 1333 N. Kingsbury housed manufacturing operations for Peppers Waterbeds. Drew converted the building intro a multi-tenant office building including college sports recruiting firm National Collegiate Scouting Association, which occupies 38,000 square feet and recruiting and staffing firm TrueBlue, which occupies 30,000 square feet. According to Yardi Matrix, the office building also includes 56,000 square feet of retail space.
“The sale of 1333 N. Kingsbury shows how institutional investors – both domestically and internationally – are pursuing a greater variety of deals, including loft office properties outside the CBD that offer comparatively attractive yields,” Drew said in a statement. “Interest is especially high in buildings like 1333 N. Kingsbury that are stabilized with long-term, credit-worthy tenants. These loft office conversions, along with newer mixed-use developments like NEWCITY, have helped create the live-work-play lifestyle that has drawn so many people to the neighborhood.”
Image courtesy of Structured Development