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California Investors See Value in the West Loop

CHICAGO—Even though Shopoff Realty’s new properties are located in prestigious Chicago neighborhoods, both are currently renting at 30% below market rates.

chi-franklin st. (2) 900 N. Franklin St. in River North.

CHICAGO—Shopoff Realty Investments, a national manager of value-add real estate investments, recently acquired two creative loft commercial buildings on the outskirts of downtown. And officials from the Irvine, CA-based firm believe that in these rising neighborhoods, it is possible for even well-leased properties like these to generate significantly more revenue.

The properties are located at 900 N. Franklin St. and 224 N. Desplaines St. in the River North and West Loop neighborhoods, respectively. The Franklin building has 87,270 square feet and at acquisition had an occupancy rate of 89%. The other has 76,729 square feet and had an occupancy rate of 92%.

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Brian J. Rogal

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.

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