Structured Development sold its 224,000-square-foot mixed-use development in Lincoln Park, Blackhawk on Halsted, to a foreign institutional investment fund for a reported $130 million.
The fully leased retail and medical office property at 1460 N. Halsted St. was completed in 2009. It contains three structures: an 82,901-square-foot building that houses the British School of Chicago, whose lease runs through 2040; an adjacent mixed-use building that includes 48,016 square feet of retail and 93,287 square feet of medical office space; and a 550-vehicle parking garage with an additional 48,016 square feet of ground-level retail.
The building is situated in the Clybourn Corridor, across the street from NEWCITY. Daniel Lukas, principal and co-founder of Structured Development, said the firm plans to redeply the equity from the sale into new development opportunities in the neighborhood, where Structured Development has completed several projects over the last 15 years.
Blackhawk on Halsted retail tenants include The Tile Shop and REI, while the medical office space is anchored by Northwestern Memorial Physicians Group, Advocate Health Care and Town & Country Pediatrics.
Structured Development purchased the Blackhawk on Halsted site from TruServ Corp., now known as True Value Co., in 2006, breaking ground on the mixed-use development in January 2007.
Later that year, Structured sold a 90 percent interest in the partially constructed development to Wilton, Conn.-based Commonfund, its then-partner on other real estate development projects in the Clybourn Corridor.
In 2012, as part of a strategy to divest real estate assets, Commonfund sold the completed property to a Structured-led investor group for $82 million.