HFF Arranges Pre-Sale of SoNo East in Chicago’s Lincoln Park Neighborhood
by Business Wire
HFF announced today that it represented Furniture, LLC in the sale of SoNo East, a luxury 22-story multi-housing tower with ground-floor retail. The property is located at 840 West Blackhawk Street in immediate proximity to Chicago’s new Whole Foods flagship store, the CTA Red Line Station at North & Clybourn, and numerous retail and entertainment attractions.
HFF marketed the property on behalf of the developer, Smithfield Properties, in the summer of 2011 while it was still under construction. Prudential Real Estate Investors agreed to purchase the asset upon completion. The ultimate closing took place in the last week of December 2012.
SoNo East consists of 324 multi-housing units, 3,990 square feet of ground floor retail and a 204-stall parking garage. The property features nine-foot ceilings and floor-to-ceiling windows. Community amenities include a fitness center, a stainless steel swimming pool, hot tub, sundeck, fire pit, billiards room, café/lounge and great room.
The HFF investment sales team representing the seller was led by director Daniel Kaufman, executive managing director Matthew Lawton and managing director Sean Fogarty.
“SoNo East is the first high-rise multi-housing tower built in Lincoln Park since 1988,” said Kaufman. “With its unique high-end finishes, best-in-class amenity package and desirable location at the hub of the Clybourn Avenue retail corridor, SoNo East will be Lincoln Park’s dominant residential address for many years to come.”
Smithfield Properties, LLC is a privately owned Chicago-based real estate development company. The developer’s real estate experience includes award winning residential high-rise condominiums, retail shopping centers, townhouses, industrial projects, student housing and high-rise mixed-use projects. Recent notable projects include, SoNo West, 30 West Oak, and Joffrey Tower.
PREI is a leader in the global real estate investment management business, offering a broad range of investment vehicles that invest in private and public market opportunities in the United States, Europe, the Middle East, Asia, Australia and Latin America. Headquartered in Madison, N.J., PREI has other offices in Atlanta, Chicago, Miami, New York, San Francisco, London, Lisbon, Luxembourg, Munich, Paris, Istanbul, Abu Dhabi, Mexico City, Rio de Janeiro, Sao Paulo, Beijing, Hong Kong, Seoul, Singapore, and Tokyo. In addition, PREI has representatives in Milan and is establishing a presence in Sydney (pending regulatory approval). As of September 30, 2012, PREI managed approximately $51.2 billion in gross real estate assets ($34.6 billion net) on behalf of more than 490 clients worldwide. For more information, visit http://www.prei.com.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, advisory services, equity placement, loan sales, and commercial loan servicing. www.hfflp.com.