Chicago, IL (December 15, 2016) – Intercontinental Real Estate Corporation (“Intercontinental”), a national real estate investment, development and management firm headquartered in Boston, Massachusetts has acquired Broadway at Surf in Chicago, Illinois in a Joint Venture Partnership with Fairbourne Properties, LLC.
Broadway at Surf is a Class A, grocery anchored, urban retail property totaling 134,285 rentable square feet. The Property is located at the conflux of two of Chicago’s most desirable and high barrier-to-entry neighborhoods: Lincoln Park and Lakeview. The Property was completed in 1998 and is currently leased to a complementary group of retail tenants including Walmart Neighborhood Market, T.J. Maxx, Bed, Bath and Beyond, Fitness 19, H&R Block and others.
Intercontinental CEO, Peter Palandjian, commented, “We are thrilled to have another acquisition in the greater Chicago area. We have seen great returns here; it has become a niche that our teams knows very well.”
Fairbourne Properties is a full service real estate investment and property management company focusing on retail and office real estate investments throughout the United States. Fairbourne invests in the full investment spectrum from core and core plus to value-add and opportunistic assets. Fairbourne invests both for of its own account and in joint venture with institutional partners.
Intercontinental Real Estate Corporation is an SEC Registered Investment Adviser with decades long experience in real estate investment, finance, development, construction management and asset management. Since 1959, Intercontinental and its affiliates have managed, developed, or owned collectively over $10 billion in real estate property. Today, Intercontinental manages a real estate portfolio of approximately $6 billion for its clients. The Intercontinental portfolio is diversified both by robust property mix and by geography. Fund strategies actively seek opportunities to invest in both Core and Core-Plus properties, as well as in Value-Add operating properties and development projects.