TIAA-CREF Acquires Evanston Multi-Family Property
- Feb 21, 2008
Pension fund giant TIAA-CREF has acquired the Park Evanston, a 283-unit, 24-story, multi-family high-rise in downtown Evanston, Ill. The seller was Chicago-based John Buck Co.Located about 10 miles north of downtown Chicago, the property was completed in 1997. It also includes about 39,000 square feet of street-level retail space leased to Whole Foods, among other tenants.The property is currently 97 percent occupied. According to a real estate broker familiar with the market, the property probably commanded in excess of $100 million. Evanston is a close-in northern suburb of Chicago notable for the presence of Northwestern University and posh housing near Lake Michigan.According to Matthew Lawton, senior managing director in the Chicago office Holliday Fenoglio Fowler L.P., a member of the team representing the seller, interest was keen in the property, despite current macroeconomic conditions.”If you have a well-located core asset, there’s going to be interest,” he told CPN this morning. “Potential buyers were certainly interested in this property.” HFF managing director Marty O’Connell and directors Sean Fogarty and Janice Sellis were also on the investment sales team on behalf of the seller.Seller John Buck has developed over 30 million square feet of commercial properties, and currently oversees more than 10 million square feet of office space in the Chicago and New York metro areas. TIAA-CREF has more than $435 billion in combined assets under management as of the end of 2007.