CHICAGO, Oct. 05, 2016 (GLOBE NEWSWIRE) -- 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 an 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.”
About Shopoff Realty Investments
Shopoff Realty Investments has a 24-year history of real estate investing. For additional information, please visit www.shopoff.com or call (844) 4-SHOPOFF.
Disclosures
This is not an offering to buy or sell any securities. Such offer may only be made through the offerings memorandum to qualified purchasers. Any investment in Shopoff Realty Investments programs involves substantial risks and is suitable only for investors who have no need for liquidity and who can bear the loss of their entire investment. There is no assurance that any strategy will succeed to meet its investment objectives. Securities offered through Shopoff Securities, Inc. member FINRA/SIPC, 2 Park Plaza, Suite 1120, Irvine, CA 92614, (844) 4-SHOPOFF.