CRE N Illinois

West Loop property sells for $6M, will be repositioned

West Loop property sells for $6M, will be repositioned,ph1

Interra Realty brokered the $6 million sale of 1400 W. Monroe Avenue, a four-story skilled nursing facility in Chicago’s West Loop. The buyer, New York-based JK Equities, intends to repurpose the building, which is situated in one of the city’s hottest neighborhoods near an abundance of new office space, hospitality offerings and multifamily properties.

JK Equities was represented by the Interra team of David Goss, co-founder and managing principal, and Lucas Fryman, director. Jon Morgan, Interra co-founder and managing principal, and Colin O’Malley, director, represented the seller, Symphony Pan.

“The deal at 1400 W. Monroe Avenue speaks to developers’ continued desire for opportunities in this flourishing neighborhood,” said Goss. “Our buyer was attracted to this area due to its strong growth factors, including proximity to a great number of new commercial developments, as well as the building’s specific location overlooking Skinner Park and Whitney Young High School, one of the highest-ranking selective-enrollment high schools in Chicago.”

The transaction was structured as a sale leaseback and was managed by Interra from start to finish. Interra used a customized marketing approach to secure the buyer. “The value of our deep industry connections came into play in finding the kind of experienced developer that would best fit this opportunity,” said Morgan. “In addition, this transaction demonstrated our ability to navigate complex deals on both the buyer and seller sides.”

Chicago’s West Loop neighborhood has experienced rapid development over the last few years, including a number of adaptive reuse and new development projects that have attracted companies like Google and McDonald’s. The building at 1400 W. Monroe Avenue is within walking distance of Fulton Market, one of the city’s top dining destinations, and offers convenient proximity to interstates 90 and 290 as well as the CTA Green and Pink lines.