"The vacant retail building offers tremendous potential as over the past five years Downtown Evanston has attracted abundant in-fill retail and residential development," says Kathy Briscoe, executive vice president, Lowe Enterprises Investors. "We will be evaluating options for leasing and/or redevelopment of this key piece of the complex."
The complex consists of a 20-story office tower and a 31,357-sf, two-story retail building. Lowe Enterprises plans to invest $4 million in improvements to the 95%-leased office tower, located on 1.15 acres at 1603 Orrington Ave. Tenants include JP Morgan Chase, Magnetar Capital, Mather Lifeways and Medpoint. Approximately 25% of the office tower, currently leased to one company, will become available in early 2007.
The adjacent two-story retail building has been vacant since 2003. "Increased demand for retail services by residents and office workers is fueling strong interest from regional and national retailers and restaurants as well as boutique hotels and other service providers," says Steve Nesterak, senior vice president, Lowe Enterprises Real Estate Group.
The seller was represented by Blake Johnson and David Knapp of Eastdil Secured, LLC. Lowe Enterprises represented itself in the transaction. Golub & Co. will be responsible for leasing and property management of the complex.
The transaction is part of Lowe Enterprises Real Estate Income and Growth Partners' $201-million value-added investment fund that targets commercial and multifamily investments nationwide. In September, the fund was used to purchase a 138,000-sf office building in Denver's Inverness Business Park for $19.2 million.
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