Chicago

“This property represents a prime value add investment opportunity," says Gary Rose of Clear Height Properties.

The team will engage in a value-add strategy focused on identifying under-managed and under-capitalized assets and will seek to create value by improving management, performing incremental leasing and increasing rents via strategic capital improvements.

The buyer, a family office looking to increase its holdings in suburban infill markets, will convert the building into rental apartment and embark on a major value-add renovation.

Led by industry veteran Andy MacGregor, the 100% employee-owned general contracting firm will operate out of the West Loop.

“We may actually need more specialized logistics such as storage and refrigeration as we enter into somewhat uncharted territory.”

The firms say their strategic alliance provides the industry's most comprehensive retail real estate and restructuring service offerings.

The REIT has entered into an agreement with Arizona State University to develop a Research & Innovation Center.

A CBRE analysis found 24 conversion projects from California to Baltimore as retail closures yield industrial opportunities, including 810,000 square feet of potential conversions in Chicago.