Transactions - JANUARY 21, 2015

To read this full article you need to be subscribed to Newsline.

Sign in Start Your Free Trial Now View Purchase Options

Heitman buys two properties for $435m

by Andrea Waitrovich

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,

Glossary, videos, podcasts, research in the Resource Center

Forgot your username or password?

Close your account?

Your account will be closed and all data will be permanently deleted and cannot be recovered. Are you sure?

We respect your privacy! Please give consent for processing data as described in our Privacy Policy