Click here to close now.




















Welcome!

News Feed Item

USAA Real Estate Co. and Golub & Co. Acquire Chestnut Place Apartments in Chicago's Gold Coast Neighborhood

Planned Upgrades Include New Retail Façade and Expanded Resident Amenities

SAN ANTONIO, Aug. 1, 2014 /PRNewswire/ -- USAA Real Estate Company today announced the acquisition of Chestnut Place, a 30-story residential building located at 850 N. State Street in Chicago, in partnership with Chicago-based Golub & Company, an international real estate investment and development firm.

USAA Real Estate Company logo.

Michael Goldman and Collin McKenna of Golub, and David Reahl of USAA, negotiated the acquisition.  The seller, Chestnut Place Associates, was represented in the transaction by CBRE.  The purchase price is undisclosed.

"Chestnut Place Apartments makes a great addition to our investment portfolio," commented USAA Real Estate Company CEO Len O'Donnell.  "With its prime location in the Gold Coast -- one of the most sought after residential and retail submarkets in Chicago -- as well as the superior management capabilities Golub & Company brings to bear, we anticipate driving strong income from this appealing asset on behalf of our investors."

Built in 1980, Chestnut Place consists of 280 convertible, one-bedroom and two-bedroom apartments, with an average unit size of 769 square feet.  Half are one-bedroom units, preferred by most Near North renters. Current amenities include a fitness center and 24-hour doorman. The building also includes a 196-space, 4-story parking garage and 6,500 square feet of ground floor retail space.  Chestnut Place was constructed to give every unit at least one corner window, and its location at the corner of Chestnut and State Streets offers it a unique level of visibility from Michigan Avenue and Rush Street

"We see tremendous potential for income growth at Chestnut Place," said Michael Newman, president and CEO of Golub.  "Our plan is to make upgrades to the residential units, significantly expand on-site amenities, and improve the facades of ground-floor retail spaces to be more inviting to tenants and patrons alike."

About USAA Real Estate Company
USAA Real Estate Company, with approximately $12 billion in assets under management, provides co-investment, acquisition, build-to-suit and development services for corporate and institutional investors.  The USAA portfolio consists of office, industrial, multi-family, retail and hotel properties as well as investments in real estate operating companies.  USAA Real Estate Company is a subsidiary of USAA, a leading financial services company, serving military families since 1922.  For more information, visit www.usrealco.com.

About Golub & Company LLC
Chicago-based Golub & Company and its affiliates are active internationally in real estate development, acquisitions, asset and property management, leasing and corporate real estate services. Since its founding more than 50 years ago, the company has owned, leased or managed more than 45 million square feet of commercial and multifamily real estate properties valued in excess of $8 billion. More information is at www.golubandcompany.com.

Logo - http://photos.prnewswire.com/prnh/20100915/DA65106LOGO-b

SOURCE USAA Real Estate Company

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
Digital Transformation is the ultimate goal of cloud computing and related initiatives. The phrase is certainly not a precise one, and as subject to hand-waving and distortion as any high-falutin' terminology in the world of information technology. Yet it is an excellent choice of words to describe what enterprise IT—and by extension, organizations in general—should be working to achieve. Digital Transformation means: handling all the data types being found and created in the organizat...
Public Cloud IaaS started its life in the developer and startup communities and has grown rapidly to a $20B+ industry, but it still pales in comparison to how much is spent worldwide on IT: $3.6 trillion. In fact, there are 8.6 million data centers worldwide, the reality is many small and medium sized business have server closets and colocation footprints filled with servers and storage gear. While on-premise environment virtualization may have peaked at 75%, the Public Cloud has lagged in adop...
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
The time is ripe for high speed resilient software defined storage solutions with unlimited scalability. ISS has been working with the leading open source projects and developed a commercial high performance solution that is able to grow forever without performance limitations. In his session at Cloud Expo, Alex Gorbachev, President of Intelligent Systems Services Inc., shared foundation principles of Ceph architecture, as well as the design to deliver this storage to traditional SAN storage co...
The Software Defined Data Center (SDDC), which enables organizations to seamlessly run in a hybrid cloud model (public + private cloud), is here to stay. IDC estimates that the software-defined networking market will be valued at $3.7 billion by 2016. Security is a key component and benefit of the SDDC, and offers an opportunity to build security 'from the ground up' and weave it into the environment from day one. In his session at 16th Cloud Expo, Reuven Harrison, CTO and Co-Founder of Tufin,...
MuleSoft has announced the findings of its 2015 Connectivity Benchmark Report on the adoption and business impact of APIs. The findings suggest traditional businesses are quickly evolving into "composable enterprises" built out of hundreds of connected software services, applications and devices. Most are embracing the Internet of Things (IoT) and microservices technologies like Docker. A majority are integrating wearables, like smart watches, and more than half plan to generate revenue with ...
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities.
The Cloud industry has moved from being more than just being able to provide infrastructure and management services on the Cloud. Enter a new era of Cloud computing where monetization’s services through the Cloud are an essential piece of strategy to feed your organizations bottom-line, your revenue and Profitability. In their session at 16th Cloud Expo, Ermanno Bonifazi, CEO & Founder of Solgenia, and Ian Khan, Global Strategic Positioning & Brand Manager at Solgenia, discussed how to easily o...
In their session at 17th Cloud Expo, Hal Schwartz, CEO of Secure Infrastructure & Services (SIAS), and Chuck Paolillo, CTO of Secure Infrastructure & Services (SIAS), provide a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. In his role as CEO of Secure Infrastructure & Services (SIAS), Hal Schwartz provides leadership and direction for the company.
Rapid innovation, changing business landscapes, and new IT demands force businesses to make changes quickly. The DevOps approach is a way to increase business agility through collaboration, communication, and integration across different teams in the IT organization. In his session at DevOps Summit, Chris Van Tuin, Chief Technologist for the Western US at Red Hat, will discuss: The acceleration of application delivery for the business with DevOps
The speed of software changes in growing and large scale rapid-paced DevOps environments presents a challenge for continuous testing. Many organizations struggle to get this right. Practices that work for small scale continuous testing may not be sufficient as the requirements grow. In his session at DevOps Summit, Marc Hornbeek, Sr. Solutions Architect of DevOps continuous test solutions at Spirent Communications, explained the best practices of continuous testing at high scale, which is rele...
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Opening Keynote at 16th Cloud Expo, S...
Container technology is sending shock waves through the world of cloud computing. Heralded as the 'next big thing,' containers provide software owners a consistent way to package their software and dependencies while infrastructure operators benefit from a standard way to deploy and run them. Containers present new challenges for tracking usage due to their dynamic nature. They can also be deployed to bare metal, virtual machines and various cloud platforms. How do software owners track the usag...
"ProfitBricks was founded in 2010 and we are the painless cloud - and we are also the Infrastructure as a Service 2.0 company," noted Achim Weiss, Chief Executive Officer and Co-Founder of ProfitBricks, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
Puppet Labs has announced the next major update to its flagship product: Puppet Enterprise 2015.2. This release includes new features providing DevOps teams with clarity, simplicity and additional management capabilities, including an all-new user interface, an interactive graph for visualizing infrastructure code, a new unified agent and broader infrastructure support.