Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Historic Gold Coast Showroom Space Trades for $45M
Fundamental Income, a Phoenix- based net lease real estate platform, purchased RH Chicago, The Gallery at the Historic Three Arts Club for $44.7 million. The Gold coast property at 1300 N. Dearborn St. was acquired subject to an in-place, long-term lease to RH (formerly Restoration Hardware).
It’s the first Chicago-area deal for Fundamental Income, which is managed by Brookfield Asset Management. Built in 1914, the 70,000-square-foot property was redeveloped into a showroom and restaurant by David Nelson’s Convexity Properties.
“We jumped at the opportunity to acquire a one-of-a-kind historic asset occupied by an innovative organization that is changing the retail customer experience” said Fundamental Income CIO Alexi Panagiotakopoulos. “David and his team at Convexity did a magnificent job renovating this property and made a vision a reality. It was a pleasure working directly with David, his team, and Michael Marks of Cushman & Wakefield in a seamless transaction.”
Photo courtesy of Pepper Construction.
- ◦Sale/Acquisition
