CHICAGO, August 3, 2016 – Cushman & Wakefield today announced that Klaff Realty, LP, a privately owned real estate investment company, has acquired a 26,380 square foot shopping center at 542-566 West Roosevelt Road in Chicago’s South Loop neighborhood for $6.15 million. The fully leased property is located in the heart of the emerging South Loop retail corridor, blocks from the University of Illinois-Chicago and near a host of national retailers such as Target; Whole Foods; Walgreens; Nordstrom Rack; Bed, Bath & Beyond; Dick’s Sporting Goods; and more. Klaff Realty was represented by Cushman & Wakefield Director Nicholas Kanich and Senior Directors Evan Halkias and Michael Marks in the transaction.
Specializing in the acquisition, redevelopment and management of distressed and undervalued retail assets throughout the United States and Latin America, Klaff has been involved in the value creation of the real estate of several of the nation’s largest retailers. The acquisition of 542-566 West Roosevelt Road demonstrates the Chicago-based investor’s renewed focus on the Chicago market and is a testimony to the South Loop’s ascending attraction for major global investors.
“This acquisition presents Klaff with a phenomenal opportunity to control a very sizeable assemblage on Roosevelt Road in one of Chicago’s key retail corridors,” said Kanich. “With the increasing population density of the South Loop and an all-star roster of national tenants surrounding 542-566 West Roosevelt Road, the acquisition will enable Klaff to convert this underutilized asset into positive cash flow for its company and invest in the South Loop community.”
The shopping center offers excellent visibility along Roosevelt Road and a unique re-visioning and redevelopment opportunity in one of Chicago’s fastest-growing areas. The property is located just steps from the Loop, the lakefront, Soldier Field, the Museum Campus and within close proximity to the “L” train, buses and the Metra.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
About Klaff Realty, LP
Klaff Realty, LP is a privately owned real estate investment company based in Chicago, Illinois that engages in the acquisition, redevelopment and management of commercial real estate throughout the United States and Latin America, with a primary focus on retail and office. To date, Klaff Realty (including through partnerships and entities managed by it or its affiliates) has acquired properties and invested in operating entities that control in excess of 200 million square feet with a value in excess of $17 billion.