Welcome!

News Feed Item

REDICO Expands Into Chicago Market with Acquisition of Historic 10 North Dearborn Building

CHICAGO, Jan. 10, 2014 /PRNewswire/ -- REDICO is pleased to announce the acquisition of the historic 10 North Dearborn Building in downtown Chicago.

The national real estate development and investment company - headquartered in Southfield, Michigan - plans to renovate the 11-story boutique office building with its red stone facade in the heart of the Loop. Once known as the Covenant Club building, 10 N. Dearborn was originally constructed in 1925 and underwent extensive renovations in the mid-1980s.

The building has some 69, 000, sf of office space and more than 11,000 sf of retail space.  It is home to six office tenants and to two iconic Italian restaurants, Trattoria No. 10, and Sopprafina, Marketcaffe.

With the hiring of Robert D. Horne as Senior Vice President of Investments, who will be based in Chicago, the combination marks a milestone for REDICO in entering the Chicago real estate marketplace.

"We are excited to move into the Chicago market in 2014 and broaden our Midwest base of properties," said President and Chief Executive Officer Dale Watchowski. "Considering the investment cycle and capital flow into Chicago, we think an expansion into the Chicago market at this time makes sense for REDICO."

James Solomon of Ravinia Investment Group acted as the exclusive financial advisor to REDICO. REDICO has engaged JF McKinney & Associates as listing agent and has developed plans to upgrade the building to create a high-quality office environment for existing and future tenants. Terms of the transaction were not disclosed.

In addition to 10 North Dearborn, REDICO is pursuing several other development and acquisition opportunities in Chicago.  "Our core discipline is value-add acquisition and development opportunities in the office, retail and healthcare sectors," said Dietrich Knoer, Chief Investment Officer of REDICO.  "When entering a new market, we are looking for opportunities in all our core disciplines and market sectors."

REDICO plans to demolish several walled offices along the exterior of the building's three vacant floors to take advantage of floor-to-ceiling windows and to create the more open layout many startups prefer, said Robert Horne.

"By opening up the floors, the building will be well-suited for creative and tech users who will benefit from this Central Loop location," Horne added. "We're going to renovate these floors and show tenants what the full potential of this building can be."

REDICO plans to use some 2,000 s.f. to 3,000 s.f. of the building for its local offices add additional employees as it buys and develops more properties in Chicago and secures property management assignments, Horne said.

REDICO is a full service real estate operating company.  Founded in 1967, REDICO has established itself as a major owner and manager of institutional quality real estate throughout the United States.  Through its affiliated company "American House", REDICO also is one of the largest operators and owners of senior living communities with 34 in the Michigan market alone.

In the rebounding Detroit commercial real estate market REDICO is the developer of the newest and largest retail shopping center in the city in two decades, REDICO opened the Gateway Marketplace in the summer of 2013 and will add additional retailers to the site in early 2014. Gateway Marketplace is anchored by Grand Rapids-based Meijer's first Supercenter in the City of Detroit.

The major $72 million shopping development at 8 Mile and Woodward is a ground-up development located on a 36-acre site featuring national chain stores in food, clothing and unique local service and apparel retailers. REDICO is also the developer of a 157-acre mixed-use development known as the Fairgrounds adjacent to the Gateway Marketplace location. The former Michigan State Fairgrounds site project is in the early phases of development

"We are investing in Detroit's resurgence and its future from the city limits to Downtown. REDICO has proudly been active in building commercial projects in this city for several decades and we look to take our development expertise to the Chicago market," said Watchowski.

SOURCE REDICO

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
While many government agencies have embraced the idea of employing cloud computing as a tool for increasing the efficiency and flexibility of IT, many still struggle with large scale adoption. The challenge is mainly attributed to the federated structure of these agencies as well as the immaturity of brokerage and governance tools and models. Initiatives like FedRAMP are a great first step toward solving many of these challenges but there are a lot of unknowns that are yet to be tackled. In hi...
With the proliferation of both SQL and NoSQL databases, organizations can now target specific fit-for-purpose database tools for their different application needs regarding scalability, ease of use, ACID support, etc. Platform as a Service offerings make this even easier now, enabling developers to roll out their own database infrastructure in minutes with minimal management overhead. However, this same amount of flexibility also comes with the challenges of picking the right tool, on the right ...
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, explored the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences between wh...
One of the hottest areas in cloud right now is DRaaS and related offerings. In his session at 16th Cloud Expo, Dale Levesque, Disaster Recovery Product Manager with Windstream's Cloud and Data Center Marketing team, will discuss the benefits of the cloud model, which far outweigh the traditional approach, and how enterprises need to ensure that their needs are properly being met.
Internet of @ThingsExpo, taking place June 6-8, 2017 at the Javits Center in New York City, New York, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @ThingsExpo New York Call for Papers is now open.
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
Up until last year, enterprises that were looking into cloud services usually undertook a long-term pilot with one of the large cloud providers, running test and dev workloads in the cloud. With cloud’s transition to mainstream adoption in 2015, and with enterprises migrating more and more workloads into the cloud and in between public and private environments, the single-provider approach must be revisited. In his session at 18th Cloud Expo, Yoav Mor, multi-cloud solution evangelist at Cloudy...
When you focus on a journey from up-close, you look at your own technical and cultural history and how you changed it for the benefit of the customer. This was our starting point: too many integration issues, 13 SWP days and very long cycles. It was evident that in this fast-paced industry we could no longer afford this reality. We needed something that would take us beyond reducing the development lifecycles, CI and Agile methodologies. We made a fundamental difference, even changed our culture...
The proper isolation of resources is essential for multi-tenant environments. The traditional approach to isolate resources is, however, rather heavyweight. In his session at 18th Cloud Expo, Igor Drobiazko, co-founder of elastic.io, drew upon his own experience with operating a Docker container-based infrastructure on a large scale and present a lightweight solution for resource isolation using microservices. He also discussed the implementation of microservices in data and application integrat...
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and containers together help companies achieve their business goals faster and more effectively. In his session at DevOps Summit, Ruslan Synytsky, CEO and Co-founder of Jelastic, reviewed the current landscape of Dev...
In his General Session at DevOps Summit, Asaf Yigal, Co-Founder & VP of Product at Logz.io, will explore the value of Kibana 4 for log analysis and will give a real live, hands-on tutorial on how to set up Kibana 4 and get the most out of Apache log files. He will examine three use cases: IT operations, business intelligence, and security and compliance. This is a hands-on session that will require participants to bring their own laptops, and we will provide the rest.
IoT is at the core or many Digital Transformation initiatives with the goal of re-inventing a company's business model. We all agree that collecting relevant IoT data will result in massive amounts of data needing to be stored. However, with the rapid development of IoT devices and ongoing business model transformation, we are not able to predict the volume and growth of IoT data. And with the lack of IoT history, traditional methods of IT and infrastructure planning based on the past do not app...
"LinearHub provides smart video conferencing, which is the Roundee service, and we archive all the video conferences and we also provide the transcript," stated Sunghyuk Kim, CEO of LinearHub, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
"We're bringing out a new application monitoring system to the DevOps space. It manages large enterprise applications that are distributed throughout a node in many enterprises and we manage them as one collective," explained Kevin Barnes, President of eCube Systems, in this SYS-CON.tv interview at DevOps at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.