CHICAGO, July 12, 2017 /PRNewswire/ — Free Market Ventures (FMV), along with its partner Second City Real Estate, announced today the acquisition of 6400 Shafer Court, a transit-oriented office building located in the O’Hare Chicago office submarket. The 179,442-square-foot, 8-story building was built in 1980 and subsequently renovated in 1991, 2006 and 2015. Currently 88 percent leased to 15 tenants including Cap Gemini, Seasons Healthcare Management, LLC and Haemonetics Corporation, the building is located within a dense, mixed-use block comprised of the Hyatt Rosemont, two additional Class A office buildings, the City of Rosemont Village Hall, a large public parking facility, and several retail establishments. Nearby transportation access solidifies 6400 Shafer Court as a gateway to the Chicago metropolitan area, offering proximity to Chicago’s Blue Line “L”, METRA commuter rail, the interstate highway system and O’Hare International Airport.
As part of the acquisition, FMV will embark on a series of improvements including a lobby renovation, addition of a fitness center and upgraded common areas. The building marks FMV’s first office investment of FMV Fund I which also includes investments in secured debt, liens, real estate technology, medical marijuana warehouses and land.
FMV Founder and President Jack Buck stated, “We are excited to secure this asset and will create value through aggressive leasing and marketing. Our team has deep roots in the office asset class; we will leverage our operating expertise to the benefit of our fund investors and venture partners.”
Vancouver-based Second City Real Estate will join FMV in the investment. Greg Tylee, Managing Director, of Second City commented, “6400 Shafer ideally fits our business model of partnering with high quality local operators in strong submarkets. FMV’s business plan will position the building very well within the strong O’Hare submarket.”
Cushman and Wakefield has been selected as the leasing agent, and Crossroads Partners will handle property management.
About Free Market Ventures
Free Market Ventures (FMV) was founded in 2013 as a Chicago-based boutique real estate investment firm. The firm is currently in deployment of its initial discretionary Fund (Fund I) and is an active manager and developer. FMV Fund I includes investments in secured debt, liens, real estate technology, medical marijuana warehouses and land. Principals of the firm include industry veterans Jack Buck, David Kite, William Flatt and Patrick Buck, who together bring together a diverse skill set covering all aspects of commercial real estate and investment management. The Company prides itself on combining a nimble and entrepreneurial approach to real estate investment, with a sophistication that reflects the institutional background of its principals. For more information, please visit www.freemarketventures.com.
About Second City Real Estate
Second City Real Estate is a private equity partnership dedicated to sourcing and maximizing value from real estate transactions. Since 2011, its related entities have completed over $1.7 billion of property acquisitions across a variety of markets. Second City Real Estate is a value creation leader in the mid-market sector. Second City Real Estate invests on behalf of prominent institutional and high net worth investors and operates in partnership with some of the best local property management teams in the United States. They focus on high growth markets and identify select real estate acquisitions where a well-executed business plan will generate long-term value. Their significant market presence, reputation for operating with integrity and their entrepreneurial spirit positions them to be a leading partner of choice for commercial real estate.
William R. Flatt, Principal, Free Market Ventures
Patricia Agos, Akrete