May 4, 2016
LaSalle Investment Management, representing a foreign pension fund, has struck a deal with Structured Development for the 224,000-square-foot Blackhawk on Halsted, in Chicago’s Clybourn Corridor. LaSalle investment’s client paid $130 million for the building at 1460 N. Halsted St. Tenants include British School of Chicago, as well as medical groups.
The asset increased in value since opening in 2009; it was assessed for $82 million in 2013, when Structured bought out Commonfund of Wilton, CN, which was the equity partner. At the same time, Structured was readying to build the New City retail and residential project across the street from Blackhawk on Halsted.
“We believed the value (of Blackhawk on Halsted) would be enhanced by the New City project,” said Structured co-founder and principal Dan Lukas. “There’s a lot of construction in the neighborhood, which validates the excitement in the Clybourn Corridor.”
Amy Sands with HFF represented Structured in the sale.