Holliday Fenoglio Fowler Hired to Sell 1401 S. State St. and North Shore Hotel
- Apr 11, 2012
Holliday Fenoglio Fowler L.P. has been hired by a venture that includes Sam Zell’s Equity Residential and Dallas-based developer Lincoln Property Co. to market a 22-story apartment building located at 1401 S. State St., Chicagorealestatedaily.com reports. The South Loop urban loft high-rise was completed in 2008 and features 278 studio, one- and two-bedroom apartment homes averaging 850 square feet each.
Amenities include a sky garden, fitness center, business center and a private resident park. The community also features 2,488 square feet of ground retail space and 195 parking garage spaces.
Although an asking price was not made public, 1401 S. State St. is expected to fetch around $89 million. Bearing in mind that the cost of the project was $71.1 million and that it was financed with a $55.1 million construction loan, the project is set to generate a neat profit for the venture, which finalized the construction in the midst of the recession.
Matthew Lawton, an executive managing director at Holliday Fenoglio Fowler, said around 95 percent of the units at 1401 S. State St. are rented. The ground-floor retail space, however, is not leased. The tower is expected to face a wave of competition as over 3,900 new apartment units are scheduled to be completed this year and in 2013.
In other news, Holliday Fenoglio Fowler has also been hired by IRMCO Properties & Management Corporation to sell the North Shore Hotel, a 185-unit independent living retirement community in Evanston. Located at 1611 Chicago Avenue on a 1.5-acre site, the community was built in 1919 and features a six-story main building and a single-story retail building to the north.
Photo Courtesy of: www.1401south.com