Pioneer Acquisitions Buys Hyde Park Retail In $55M Deal
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The University of Chicago found a familiar buyer for more of its real estate assets. Pioneer Acquisitions bought a 12-building portfolio from U of C for $54.9M. Pioneer previously acquired 690 apartments from the school in a $70M deal in October 2015.
The latest buy includes 387 apartments in 11 buildings, but the jewel of this acquisition is a prime stretch of retail along East 57th Street, with popular eateries like Cemitas Pueblas, Z&H Marketcafe and Medici as tenants. Pioneer now controls 20 buildings and 1,077 apartments, according to DNAInfo.
Pioneer has spent $125M on Hyde Park real estate in the past year, including several parking lots which can be used for future development and it can increase future rent spreads with its existing multifamily and retail assets. The area's been a hot one, with recent deliveries like Avison Young's Vue 53, Jolly Pumpkin Artisan Ales opening a brewpub in McCaffery Interest's Harper Court and the future construction of the Obama Presidential Library in nearby Jackson Park. [DNA]