River North apartment building expected to sell for $100 million-plus
(Updated 1:04 p.m.)
Waterton Associates LLC has decided to sell a 399-unit River North apartment building, which could fetch more than $100 million, or $251,000 a unit. The Chicago-based apartment landlord has hired the Chicago office of Holliday Fenoglio Fowler L.P. to seek buyers for River North Park, a 24-story tower at 320 W. Illinois St. Waterton, which also owns the Presidential Towers complex in the West Loop, paid $60.5 million for the River North building in 2006 and spent additional money fixing up the building, which was completed in 1987. The firm decided now was the right time to sell given the strong investor demand for downtown apartment towers, with many buyers back in the market this month after setting new investment allocations for 2012, says Waterton Senior Vice President Mark Stern. He expects interest from buyers seeking so-called value-add acquisitions, noting that the building's retail space and facade could be spruced up. River North Park was 96.1% occupied at the end of the third quarter, with rents ranging from $1,165 to $2,295 a month, according to Appraisal Research Counselors, a Chicago-based consulting firm.
Regus adds four temporary office centers
Temporary office space provider Regus PLC says it plans to open four new office centers in the Chicago area in the first half of the year. The Luxembourg-based company is opening centers in Lincoln Park, Orland Park, Hoffman Estates and Lake Forest, according to a spokesman. Regus, which currently occupies about 700,000 square feet of office space in the Chicago area, will expand by about 90,000 square feet, or 13%, in the move. The spokesman declines to identify specific locations of the new offices. The firm also expects to open office centers in Naperville and Evanston.
Structured readies Clybourn Corridor project
PetSmart and Buy Buy Baby, a unit of Bed Bath & Beyond, will occupy 45,000 square feet in the 53,500-square-foot retail center at 1415 N. Kingsbury St. planned by Chicago-based Structured Development LLC. Structured says it will break ground on the development early this year. Structured is developing its Clybourn Corridor properties with former General Growth Properties Inc. Chairman and CEO John Bucksbaum. Related story: Target acquires land in Clybourn Corridor
Note: The last item has been updated to change the area to the Clybourn Corridor.
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