Sale of mixed-use entertainment and retail destination center in Chicago closed by HFF
CHICAGO, IL – June 16, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of River East Center, a 251,060-square-foot, mixed-use, parking, urban entertainment and retail destination center in the Streeterville area of downtown Chicago.
HFF worked on behalf of the seller, Intercontinental Real Estate Corporation. Madison Capital, in a joint venture with Wheelock Street Capital, who purchased the asset with plans to re-brand and reinvigorate the retail profile of the asset. In addition, concurrently with closing, the purchaser sold the parking component to Laz Parking Realty Investors.
Situated on 2.81 acres and encompassing an entire city block, River East Center comprises a three-level retail and entertainment complex and a four-level underground parking garage with 1,154 spaces. The property, located at 322 East Illinois Street, is 97.8 percent leased and is home to AMC Theatres, Lucky Strike, LA Fitness, FTW Chicago, Walgreens, Bright Horizons, NIU Sushi, Bellweather and BMO Harris Bank. Additionally, the property has both an 18-story Embassy Suites hotel and a 58-story, 620-unit luxury condominium tower, both not included in the offering. River East Center is strategically situated in the heart of Chicago’s Streeterville neighborhood between two of the city’s most popular tourist destinations, Michigan Avenue to the west and Navy Pier to the east.
The HFF investment sales team representing the seller was led by directors Amy Sands and Clinton Mitchell, senior managing director Daniel Finkle and managing director Mark Katz.
About Intercontinental Real Estate Corporation
Intercontinental Real Estate Corporation (Intercontinental) is an SEC-registered investment adviser with deep expertise in real estate investment, finance, development, construction management and asset management. Since 1959, Intercontinental has managed, developed, and owned over $10 billion in real estate property. Today, Intercontinental owns and manages a portfolio in excess of $4.6 billion for its clients. Intercontinental balances its portfolio both by robust property mix and by geographic diversification, while actively seeking opportunities to invest in both core and core plus, as well as value-add development projects. Visit www.intercontinental.net for more information.
About Madison Capital
Madison Capital is a leading real estate investment and operating company focused on acquiring and repositioning superior urban retail and mixed-use assets in dynamic markets including New York, Chicago and other gateway cities. Targeting income-producing and value-add opportunities in interesting, evolving neighborhoods, the firm employs a focused and disciplined approach to its investments. Since the firm’s inception in 2002, Madison Capital has grown its portfolio to over $2.4 billion of current assets under management. For more information, please visit the firm’s website at http://mcapny.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.