Recently renovated Class A office building in one of the wealthiest suburbs in Chicago has 94% occupancy with long-term leases and can provide strong cash-on-cash returns to investors
CLEVELAND, OHIO, November 21, 2016 – Ten Capital Management (“TCM”), a privately held real estate investment management firm, today announced its acquisition of One Conway (or the “Property”) for $19.35M. The Property is located on North Field Drive in Lake Forest, IL and was purchased from a joint venture between Sam Zell’s Equity Group Investments LLC and Fulcrum Asset Advisors LLC.
The Property is 94% occupied to a diverse mix of tenants, and is newly renovated. The highly-amenitized three-story building is a multi-tenant Class A boutique office building comprising 105,000 sf and is located in the affluent Chicago suburb of Lake Forest, Illinois. The asset is strategically located at the four-way interchange of Interstate 94 and Route 60 (Townline Road), within Conway Park at Lake Forest, one of the premier office parks in the Midwest. The building features a comprehensive suite of amenities that is unmatched in scope and quality among competitive properties of comparable size and includes a fitness center, conference facility, full-service cafeteria, tenant Wi-Fi lounge, and below grade executive parking garage.
Paul DiSandro, TCM’s Portfolio Manager, said, “One Conway offers TCM investors strong cash-on-cash returns and upside potential to push rents to market, with in-place rents at the Property being approximately 8% below current market rents.” Ben Adams, TCM’s CEO, adds, “We continue to stay focused on partnering with experienced real estate operators throughout the US that have a proven ability to execute on a defined strategy and deliver returns for our investors.”
Located within the highly affluent City of Lake Forest (average household income of $218,462 and average home values of $936,373), the Property is situated in the heart of Chicago’s prestigious North Shore – an area comprised of Chicago’s wealthiest communities and features an ample stock of executive housing.
About Ten Capital Management
Founded in 2011 and headquartered in Cleveland, Ohio, Ten Capital Management is a privately held real estate investment management firm investing across a broad spectrum of real estate strategies and seeks to deliver consistent, superior risk-adjusted returns to its global investor base, while remaining proactive, adapting quickly to changing market fundamentals and opportunities. TCM makes equity investments between $10 and $25 million, targeting transactions which are too large or complex for small, undercapitalized investors and which fall “below the radar” of larger institutional investors. For more information, please go to www.tencapmanagement.com.
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