Acquired in September 2016, 224 N Desplaines is a core-plus office property consisting of creative loft space located in the heart of downtown Chicago in the West Loop / Fulton West submarket.
West Loop is the largest submarket in the Chicago metro, typically housing Fortune 500 companies such Boeing, Citigroup, Deloitte, and UBS. The office submarket in West Loop is comprised of 47.2M SF, while only one million SF is creative office space. This has created an increased demand for creative office space in a market typically dominated by 4- and 5-star class-A towers.
At acquisition, in place rents at the property were significantly below market averages, providing the opportunity to capitalize on the discrepancy as new leases are signed.
Since acquisition several new leases have been signed, and property lease up continues with new leases at market rates. Once the property is stabilized, it will be sold.
This is neither an offer to sell nor a solicitation of an offer to buy any security. An investment in a Shopoff limited partnership involves a high degree of risk, including the possible loss of your investment, and is illiquid with an uncertain liquidity date. Past performance is not indicative of future results. Securities offered through Shopoff Securities, Inc., member FINRA/SIPC.