Free Market Ventures acquires O'Hare area office building
CHICAGO - Free Market Ventures and partner Second City Real Estate, said it has acquired 6400 Shafer Court, a transit-oriented office building located near O'Hare International Airport.
Terms of the acquisition were not announced.
The 179,442-square-foot, 8-story building was built in 1980 and subsequently renovated in 1991, 2006 and 2015. It is currently 88 percent leased to 15 tenants including Cap Gemini, Seasons Healthcare Management, LLC and Haemonetics Corporation.
The building is located within a mixed-use block comprised of the Hyatt Rosemont, two additional Class A office buildings, Rosemont village hall, a large public parking facility, and several retail establishments.
As part of the acquisition, FMV will embark on a series of improvements including a lobby renovation, addition of a fitness center and upgraded common areas. The building marks FMV's first office investment of FMV Fund I which also includes investments in secured debt, liens, real estate technology, medical marijuana warehouses and land.
Vancouver-based Second City Real Estate will join FMV in the investment.
"6400 Shafer ideally fits our business model of partnering with high quality local operators in strong submarkets," said Greg Tylee, managing director of Second City. "FMV's business plan will position the building very well within the strong O'Hare submarket."
Cushman and Wakefield has been selected as the leasing agent, and Crossroads Partners will handle property management.