Shopoff Realty Investments Buys Two Commercial Buildings in Chicago
Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, has purchased two creative loft commercial buildings in Chicago, Illinois. 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 an 87,270-square-foot creative, loft office space within close proximity to restaurants and retail establishments. The occupancy rate is 89 percent. The 224 N. Desplaines Street building is a 76,730-square-foot creative, loft office located close to numerous restaurants and bars. 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.”
The company said that there is a possibility of the addition of a co-investor in the near future.
Shopoff Realty Investments has a 24-year history of real estate investing and is based in Southern California with offices in Dallas and New York.
