North Wells Capital, LLC has formed a joint venture with Skydeck Capital to acquire the five story, 47,000-square-foot building located at 720 N. Franklin Street in Chicago, IL from McCaffery Interests, which has owned and managed the property since 1999. The building was originally constructed in 1925 for industrial use and was subsequently renovated for contemporary retail and office use.
“This acquisition is an affirmation of our continued commitment to commercial office and the River North neighborhood. We are pleased to continue to grow our presence here, a central hub of innovation for office, retail and residential development. River North remains Chicago’s premier live work play environment, allowing employers to attract and retain the best talent this great City has to offer,” said North Wells Capital’s CEO Jim Fox.
The building is located near the Chicago Avenue station on the CTA’s purple and brown line trains. North Wells Capital has hired Urban Innovations to provide property management and leasing services for the newly acquired asset.
With this latest acquisition, North Wells’ portfolio of commercial buildings in the River North neighborhood now exceeds 700,000 square feet. This brick-and-timber loft building is of the same vintage as many of North Wells’ current assets and is immediately adjacent to their three-tiered development project VERSO.