CHICAGO--(BUSINESS WIRE)--Prudential Real Estate Investors announced today the acquisition of the Roosevelt Collection, a Class A mixed-use property in the South Loop of Chicago, on behalf of institutional investors. Prudential Real Estate Investors is the real estate investment management and advisory business of Prudential Financial, Inc. (NYSE: PRU), and operates as Pramerica Real Estate Investors in markets outside the Americas, Korea and Japan.
Terms of the transaction were not disclosed.
Located at 150 Roosevelt Road, the LEED certified mixed-use property includes two eight-story buildings with 326,098 square feet of retail space, 342 loft-style apartment units, and a three-level parking garage. The acquisition also includes an adjacent land lot that is part of a planned 400 unit, 43-story high-rise multifamily project.
“We are pleased to have capitalized on this unique opportunity to purchase a high-quality mixed-use asset in one of the most attractive retail corridors in downtown Chicago,” said Kevin R. Smith, head of Americas for PREI. “The Roosevelt Collection is poised to benefit from the continuing growth of the South Loop and deliver stable, diversified cash flows to our investors.”
The Roosevelt Collection is located in the pedestrian-friendly Roosevelt Retail Corridor and is in close proximity to several transportation hubs and prominent retail centers, as well as the near-complete, new South Loop Campus of The British School. The retail component of the Roosevelt Collection is anchored by a 16-screen Kerasotes ShowPlace ICON Movie Theatre and features national retailers such as the Container Store, Lululemon, Banana Republic and Victoria’s Secret.
Prudential Real Estate Investors is the global real estate investment business of Prudential Financial, Inc. (NYSE: PRU), and operates as Pramerica Real Estate Investors in markets outside of the Americas, Korea and Japan. Redefining the real estate investing landscape since 1970, PREI has professionals in 19 offices in the Americas, Europe and Asia Pacific with deep local knowledge and expertise, and gross assets under management of $61.7 billion ($45.6 billion net) as of March 31, 2015. PREI’s tenured team offers to its global client base a broad range of real estate investment vehicles that span the risk-return spectrum across core, core plus, value-add, debt, securities, and specialized investment strategies. For more information, visit www.prei.com.
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with more than $1 trillion of assets under management as of March 31, 2015, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit www.news.prudential.com.