Chicago, IL, August 11, 2014 --(PR.com
)-- STREAM Capital Partners ("STREAM"), a boutique net lease and sale leaseback advisory group, recently completed the sale of the land underneath the General Growth Properties Headquarters building at 110 N. Wacker Drive in downtown Chicago.
Howard Hughes Corp. owns the building and was the buyer of the land. STREAM brought in a buyer that had the deal under Letter of Intent at a blistering .03% cap rate based on the net ground rent. Howard Hughes Corp., however, was able to acquire the land via a Right of First Refusal ("ROFR").
The deal paves the way for a possible redevelopment of the property. Wacker Drive is lined with gleaming office buildings. This property, a low-hung older building, is one of the last low-rise buildings on Wacker Drive.
Jordan Shtulman and Jonathan Wolfe, Principals and Co-Founders of STREAM Capital Partners, advised the buyer that submitted the Letter of Intent that led Howard Hughes to exercise its ROFR.
Shtulman commented about the sale that "Howard Hughes Corp. basically had to acquire the land in order to hold the property in fee simple and plan for a potential future redevelopment without any interference."
Wolfe added that "while our buyer was disappointed that he didn't get the property, all parties benefited from the transaction and achieved a positive result. It basically ended up the way that we thought it would with Howard Hughes acquiring the land."
STREAM Capital Partners (www.stream-cp.com) is a boutique net lease and sale leaseback advisory group. The group focuses exclusively on representing buyers and sellers of net leased properties across the country and on structuring and executing sale leaseback transactions for owners of commercial real estate.