-- JRG Capital Partners is ramping up its urban infill investment platform with the acquisition of two parking lots comprising 55,992 sq. ft. of land at 609 – 673 South State in the heart of Chicago’s South Loop. The firm, led by Charles and Harry Huzenis, launched its urban infill initiative earlier this year and has the capacity to acquire up to $75 million of similar assets over the next 24 months.
“The State Street site is a perfect candidate for JRG’s strategy”, JRG Capital Principal Harry Huzenis said in a statement. “The property currently functions as a parking lot, but also has the characteristics and demographics for a higher and better use in the future.” With over 65,000 students in close proximity to the site, potential uses include student housing or an academic building to support one of the many universities in the area. Other development options include retail, multi-family or institutional use.
Cheri Grossman, senior acquisitions officer for JRG says the site is a rare opportunity in Chicago’s booming Loop. “Heading north from the property, this is the last piece of vacant land on State Street between here and the Chicago River”, Grossman noted. “We studied the demographics for months and very few areas of the Loop have the 24/7 energy and activity that surround this site.” Immediate neighbors include the new Jones College Prep campus, the University Center residence hall, and The Chicago Hilton & Towers. Universities in the area include DePaul University, Columbia College Chicago, Roosevelt University, and Robert Morris University.
In addition to its urban infill strategy, JRG Capital Partners continues to pursue value added investments in the retail, multi-family and industrial sectors. Value addedrange in value from $10 million to $30 million with investment partners specific to each asset’s characteristics and returns.