Chicago, Illinois – This afternoon our NNN Commercial Real Estate news is on commercial property in Chicago. We wanted to report that Brookfield Asset Management has sold a prestigious commercial property known as 300 S. Riverside Plaza. This Commercial Property is a Class A office building in a mega traffic zone known as Chicago’s loop sub-market. The Commercial Real Estate Buyers were a group of private investors with Joseph Mizrachi and David Werner leading the way. We have not heard if this commercial real estate sale was in a 1031 exchange. The private investors acquired this trophy Commercial Property for approximately $194 million, or about $181 per square foot. The private investors were able to obtain Investment Property financing for $120 million.
Commercial Real Estate Developments
Brookfield Asset Management, the seller of the commercial real estate has decades of operating experience. Currently, Brookfield Asset Management has somewhere in the neighborhood of $40 billion of commercial property investments. Their Commercial Real Estate is under management in North and South America, Europe and Australia. They have developed an expertise in real estate investments that ranges from equity investments in commercial real estate and NNN Commercial Real Estate development to bridge lending, management of mortgage-backed securities and mezzanine financing.
This Commercial Real Estate that sold is a 23-story class A Office building. This Class A Office building is approximately 97% leased to a strong base of credit tenants and institutional tenants. Brookfield Asset Management had bought the commercial property in 2006 and added value by acquiring air rights. These air rights were included in the commercial property sale in Chicago. This Commercial Property is comprised of 1.08 million-square-foot of leaseable space for Tenants in this office tower.
Chicago Commercial Properties
A Commercial Real Estate Group is has recently leased space to Tokyo Lunch Boxes and Catering. They join an expanding Alonti Market Café as the newest net-leased tenant at 300 S. Riverside Plaza. Alonti Market Café has also expanded their net lease space at 300 S. Riverside Plaza. This retail net leased property portion of the Chicago building is 100% leased now. Our NNN Commercial Real Estate Investors are seeking to purchase triple net lease properties in this area of Chicago. Local commercial real estate corporations that own, and operate premier properties in the downtown areas of major cities seek restaurant type services for the Tenants in their buildings. In some major Commercial Real Estate markets, thousands of pedestrians dine at these facilities every day.
Prestigious Commercial Properties For Sale
Brookfield Asset Management has prestigious commercial properties located in key markets driven by financial services, government and energy sector tenants. The areas to which they invest in Office Buildings are in New York, Washington, D.C., Los Angeles, Houston and San Diego. When Brookfield Asset Management Inc. purchased the trophy commercial property, 300 S. Riverside Plaza, in 2006, it was only 77% leased.
Brookfield Asset Management had purchased the commercial property from JP Morgan Chase & Co. for $135 million or $125.79 per square foot in September 2006. After that commercial property transaction, Brookfield increased the building’s occupancy by 21%. The net-leased Tenants include AIG, National Futures Association and FDIC. The Commercial Real Estate Investment’s largest tenant is New York-based J. P. Morgan Chase & Co. J. P. Morgan Chase net-leases approximately 60% of the building. As most NNN Commercial Real Estate Investors desire, this property offered exceptional quality. Any NNN Commercial Real Estate Investor enjoys benefits offered by a commercial property with investment-grade tenants, high occupancy and a prestigious location.
Contact Net Lease Properties to sell your net lease properties, purchase NNN Property or for 1031 exchange opportunities.