NY Investor Bets On West Loop Growth Potential With $6M Acquisition
New York-based JK Equities has acquired 1400 West Monroe Ave., a four-story skilled nursing facility in Chicago’s West Loop, for $6M.
Though the deal was structured as a sale-leaseback, the buyer intends to repurpose the building eventually, since it is near the growing Fulton Market submarket, which features new office space, hospitality offerings and multifamily properties. The buyer did not release any details about its plans.
“The deal at 1400 West Monroe Ave. speaks to developers’ continued desire for opportunities in the neighborhood,” Interra Realty Managing Principal David Goss said.
“The buyer was attracted to the area due to its strong growth factors, including a great number of new commercial developments, as well as the building’s specific location overlooking Skinner Park and Whitney Young High School,” Goss said.
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 helped attracted companies like Google and McDonald’s.
Transit improvements, such as the new Morgan Street CTA station and the coming Damen Street CTA station, are also improving access to the area.
JK Equities was represented in the deal by Goss and Director Lucas Fryman. Interra Managing Principal Jon Morgan and Director Colin O’Malley represented the seller, Symphony Pan.