HFF announced today that it has closed the sale of River East Center, a 251,060-square-foot, mixed-use, parking, urban entertainment and retail destination center in the Streeterville area of downtown Chicago.
The firm worked on behalf of the seller, Intercontinental Real Estate Corporation.
Madison Capital, in a joint venture with Wheelock Street Capital, purchased the building with plans to re-brand and reinvigorate the retail profile of the asset. In addition, concurrently with closing, the purchaser sold the parking component to Laz Parking Realty Investors.
Situated on 2.81 acres and encompassing an entire city block, River East Center comprises a three-level retail and entertainment complex and a four-level underground parking garage with 1,154 spaces.
The property, located at 322 East Illinois Street, is 97.8 percent leased and is home to AMC Theatres, Lucky Strike, LA Fitness, FTW Chicago, Walgreens, Bright Horizons, NIU Sushi, Bellweather and BMO Harris Bank. Additionally, the property has both an 18-story Embassy Suites hotel and a 58-story, 620-unit luxury condominium tower, both not included in the offering. River East Center is strategically situated in the heart of Chicago’s Streeterville neighborhood between two of the city’s most popular tourist destinations, Michigan Avenue to the west and Navy Pier to the east.
The HFF investment sales team representing the seller was led by directors Amy Sands and Clinton Mitchell, senior managing director Daniel Finkle and managing director Mark Katz.