CHICAGO (Oct. 5, 2016) – Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, announced today that the company has acquired two creative loft commercial buildings in premier Chicago neighborhoods. In line with the company’s strategy, there is a possibility of the addition of a co-investor in the near future.
The properties are located at 900 N. Franklin Street and 224 N. Desplaines Street in the River North and West Loop neighborhoods, respectively. The 900 N. Franklin Street building is a 87,270-square-foot creative, loft office space with outstanding views, close to restaurants and retail establishments. As of the date of the acquisition, the occupancy rate is 89 percent.
The 224 N. Desplaines Street building is a 76,729-square-foot creative, loft office space boasting excellent views and modern amenities in the booming West Loop neighborhood that is close to some of Chicago’s best restaurants and bars. As of the date of the acquisition, the occupancy rate is 92 percent.
“Both properties are located in prestigious Chicago neighborhoods and currently renting at 30 percent below market rates,” said William Shopoff, chief executive officer of Shopoff Realty Investments.
“There is a shift by employers moving away from traditional office spaces in the Chicago suburbs to more open, creative-style offices with character downtown,” said David Placek, executive vice president of Shopoff Realty Investments. “With limited loft-style office inventory available, our plan is to focus on interior improvements and updates with the intention of stabilizing rents at current market rates.”