CHICAGO—Prudential Real Estate Investors has just acquired the Roosevelt Collection, a class A mixed-use property in the South Loop, on behalf of institutional investors. The company is the real estate investment management and advisory business of Prudential Financial, Inc. Terms of the transaction were not disclosed.
Located at 150 Roosevelt Road, the LEED certified mixed-use property includes two eight-story buildings with 326,098 square feet of retail space, 342 loft-style apartment units, and a three-level parking garage. The property also includes a land lot that is part of a planned 400 unit, 43-story high-rise multifamily project.
“We are pleased to have capitalized on this unique opportunity to purchase a high-quality mixed-use asset in one of the most attractive retail corridors in downtown Chicago,” says Kevin R. Smith, head of Americas for PREI. “The Roosevelt Collection is poised to benefit from the continuing growth of the South Loop and deliver stable, diversified cash flows to our investors.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
