CBRE Inc. represented Angelo Gordon Real Estate Inc. and Centrum Partners in the sale of a 43,560-square-foot development site located at 220 E. Illinois St. The site was sold in April 2013 to a joint venture between Optima and DeBartolo Development for $29 million. The joint venture is planning on building approximately 400 apartments, 200 hotel rooms and up to 60,000 square feet of retail space.
The site represents the third and final phase of the CityFront Master Planned Development, with Phase 1 consisting of the Fairbanks Condominiums, and Phase 2, the 325-unit Optima Tower, which is set to deliver in July 2013.
The site is located less than a block from North Michigan Avenue on upper Illinois Street, in Chicago’s Streeterville submarket.
CBRE’s John Jaeger and Dan Cohen represented the sellers, a joint venture between Angelo Gordon Real Estate Inc. and Centrum Partners, in the transaction.
