CHICAGO—Urban Innovations Ltd. pioneered the transformation of industrial loft spaces into creative offices, but the Chicago firm is not content to rest on its laurels. It recently formed a partnership with North Wells Capital with the aim of tripling the size of its portfolio. And North Wells has just acquired 308 W. Erie, a 45,359-square-foot mixed-use building in Urban Innovations' traditional River North base, along with an adjacent 7,719-square-foot surface parking lot at 600 N. Franklin, for $12.8 million. Urban Innovations will manage and lease the property.

The seven-story building includes 36,859 square feet of office space and 8,500 square feet of retail, with an average size floor-plate of 6,185 square feet. Built in 1937 and renovated in 2015, the building is 100% leased to 13 tenants. The parking lot provides space for 38 cars.

“308 W. Erie and 600 N. Franklin are located in a highly desirable market, with floor-plate sizes that are very attractive to tenants in the area.,” says Howard R. Conant Jr., president of Urban Innovations. “Our portfolio contains two other properties that make up half of the block, so this acquisition offers larger development opportunities down the road, as well as a great line-up of existing tenants.”