Sub Markets

Property Sectors

Topics

Chicago & Midwest CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

New call-to-action
Chicago & Midwest  + Illinois  + Apartments  | 

Morguard Buys Chicago MF for $222.5M

Early Bird Alert: Connect Apartments is planned for September 28th in Los Angeles. Here’s where to get more information and register.

Toronto-based Morguard North American Residential Real Estate Investment Trust acquired Coast at Lakeshore East, a 45-story, 515-suite apartment building in Chicago, for $222.5 million. The deal is Chicago’s largest single multifamily sale so far in 2017.

The urban high-rise rental project was completed in 2013 as part of Magellan Development Group’s Lakeshore East, a 28-acre master-planned mixed-use development that overlooks the Chicago River, Millennium Park and the Chicago skyline. Located at 345 E. Wacker Dr., the property is a LEED Silver candidate and offers 19,000 square feet of amenity space, as well as 18,000 square feet of retail.

CBRE’s John Jaeger, Dan Cohen and MJ Zaring brokered the disposition, on behalf of a JV between Magellan and institutional investors advised by J.P. Morgan Asset Management. CBRE’s Peter Marino and Molly Green arranged a $122.5-million fixed-term, eight-year loan, with an interest rate of 3.49% for the acquisition.

For comments, questions or concerns, please contact Dennis Kaiser

Connect

Inside The Story

Read more at MorguardConnect With CBRE’s JaegerConnect With Magellan

About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Sale/Acquisition
New call-to-action
New call-to-action