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Evanston Metro Center
Evanston, IL
Investment Strategy: Multi-Tenant Value Add
155,500 SF
FD Stonewater purchased this 155,500 SF, Class A, transit-oriented building in late 2016. The asset and adjacent development parcel are located in a strong Chicago suburb. After purchasing the asset, FD Stonewater entered into a JV to develop the adjacent land parcel. The asset immediately underwent a rebranding process as well as $1 million capital plan including lobby renovations, a new tenant lounge, additional outdoor amenities, conference center, yoga room, and bike room. Within nine months of acquisition, occupancy increased from 78% to 100%. The asset is significantly outperforming the underwritten NOI through new leasing, improved rents, energy efficiency, and cost savings.

Category: Development/CM, Investment/AM
DEAL INFO
Acquisition Date: December 2016
Occupancy: Multi-tenant Value Add
No. of Buildings: 1
Square Feet: 155,500 SF
Tenant Sampling: Accuity, Northwestern University, Ansys, Northshore