CHICAGO - L3 Capital LLC, a Chicago-based retail real estate investment firm, purchased four properties for $13 million along the Southport Corridor in the city's Lakeview neighborhood. The transaction is L3's first in the Chicago retail real estate investment market.
“Chicago will be an important part of L3's strategy moving forward,” Greg Schott, co-founder and managing principal of L3, says in a press release. “We were attracted to this deal because of the strength of this retail corridor. The properties on Southport represent the type of deals that we are looking for - quality retail assets in prime urban locations.”
The properties are located at 3430 N., 3442-46 N., 3447-49 N. and 3550-56 N. Southport Ave. and encompass 28,000 square feet. They are 100 percent leased to retailers such as Lululemon, Southport Grocery, Homemade Pizza Co., Free People and Southport Athletic Club. Eight residential apartments were included in the sale.
L3 was formed three years ago by investment professionals from Transwestern, Vornado Realty Trust, and RREFF. L3, which stands for “location, location, location,” focuses on assets in the $5 million to $50 million price range. The firm's portfolio includes single tenant, multi-tenant and mixed-use properties.
L3 has been active on both the East and West Coasts. Its most recent deal was a 42,000-square-foot property in New York City's SoHo neighborhood for $41.5 million. The firm also did a $20 million deal for two properties on North Beverly Drive in Beverly Hills, CA.
“There is tremendous opportunity in Chicago and we are poised to make significant moves in this market in the coming year,” Schott says. “We are excited to begin investing in our home town.”
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