Heitman buys two properties for $435m
In two separate deals, Heitman has purchased a retail center and an apartment complex in the United States.
The larger of the two new assets is the newly developed 504-unit OneEleven at 111 Wacker Drive in Chicago. The sales price was approximately $328.1 million or $650,972 per unit, according to Real Capital Analytics. Related Midwest, the Chicago office of New York City–based developer The Related Cos., is the seller.
Designed by New York City–based Handel Architects, the glass-encased OneEleven tower incorporates studios and one-, two- and three-bedroom apartments with penthouses, 30,000 square feet of indoor and outdoor amenity space and 32,000 square feet of below-grade commercial space. OneEleven’s residences became available for lease in spring 2014, and it is 80 percent occupied. Its first retail tenant, SoulCycle, leased 4,200 square feet. Its total street retail totals 32,000 square feet.
Heitman also has acquired the 464,