CHICAGO—Peppercorn Capital LLC, a Chicago-based real estate investment and development company that owns a lot of property in the West Loop, recently signed three medical office leases for its Clausing Building at 1229 W. Washington Blvd. The new leases are another example of how this once-industrial area is rapidly transforming into a real neighborhood with resident families and a growing demand for services and retail.
“These leases are not something I would have expected three or four years ago,” Phil Denny, chief executive officer of Peppercorn Capital, tells GlobeSt.com. “But the West Loop is maturing and it now has a broad spectrum of tenants.”
The firm closed on a 3,000 square foot lease for Washington Dental, a 2,000 square foot lease for Smiles Pediatric Dentistry and a 1,700 square foot lease for West Loop Orthodontics. Commercial brokerage and property management firm Joseph Rossi & Associates helped secure these new tenants. These individual leases may be on the smallish side, Denny adds, but they are “a commentary on how quickly the neighborhood has changed” and part of a “rising tide of service-oriented leases.”
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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.
