Evanston Metro Center
Evanston, IL
Investment Strategy: Multi-Tenant Value Add
163,036 SF
Evanston Metro Center
FD Stonewater purchased this 163,036 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: Investment/AM
DEAL INFO
Acquisition Date:
December 2016
Occupancy:
Multi-tenant Value Add
No. of Buildings:
1
Square Feet:
163,036 SF
Tenant Sampling:
Accuity, Northwestern University, Ansys, Northshore