Crossroads Development Partners Announces Three Suburban Office Leases and Purchase of Former Carson’s Ribs Site in ChicagoMarch 10, 2015
Crossroads Development Partners (“XRD”) has announced multiple new transactions including three leases in its suburban office assets, the purchase of 22,000 square feet of vacant land in Chicago’s Edgewater neighborhood and a lease with Dunkin’ Donuts in suburban Northbrook.
The developer has also opened a luxury apartment development in Jupiter, Fla. with its affiliate FLF-Crossroads, according to Michael Nortman, principal of XRD.
At Woodfield Corners, a 130,000-square-foot multi-tenant office building at 1300 E. Woodfield Road in Schaumburg, Ill., the firm has leased 2,608 square feet to Opus Software, a national IT service provider, for its first location in the Chicago area. The space was prepared as a “spec suite” and leased on an “as-is” basis in a relatively short period of time. Additionally, XRD has entered into a lease renewal with Bank of America for 3,444 square feet, bringing the property to 94 percent occupancy.
XRD has also agreed to a 12,484-square-foot,long-term lease with Conestoga-Rovers & Associates, Inc., an international family of companies providing advice in the fields of engineering, environment, construction, and information technology, at 6400 Shafer Court in Rosemont, Ill. At the property, XRD recently completed the retrofitting and replacement of the stairs for both the building’s front and back entrances and is currently halfway through the installation of new finishes and fixtures in all the building’s restrooms.
“Leasing suburban office properties takes a lot of patience and flexibility,” said Lee Kotler, principal at XRD. “But our team is poised and our properties are well positioned to meet the needs of our tenants and be creative and flexible in today’s ever changing marketplace. We take pride in serving our tenants and that is one of the many reasons why our rate of renewals in the suburban office arena is as good as anyone’s.”
Vacant Land Purchase
XRD is also pleased to announce that it closed on the purchase of a vacant piece of land in Chicago’s Edgewater neighborhood. Located at 5970 N. Ridge Ave., the 22,000-square-foot land parcel was the former home of Carson’s Ribs, which closed in 2005. XRD purchased the property in two weeks from contract to close.
“This property has excellent development opportunities as the surrounding neighborhood boasts a very high population and traffic count, and amenities such as a new area Metra station will be under construction soon,” said Michael Nortman, founder of XRD. “This is a great location and should be very appealing to retailers and restaurateurs looking to expand on Chicago’s North Side.
XRD has recently completed three other single-user development projects in the Edgewater area, including a Walgreens, LA Fitness and Physicians Immediate Care.
In Northbrook, XRD has entered into a lease with one of the largest franchisees of Dunkin’ Donuts stores in the Chicago area for a new store at Dundee and Pfingsten roads. XRD purchased the half-acre property last year from Fifth Third Bank. Construction on the new Dunkin’ Donuts will begin in 2015.
In Jupiter, Fla. FLF-Crossroads recently opened The Barcelona Apartments, a 351-unit luxury apartment development with 60,000 square feet of commercial space. To complete this, FLF-Crossroads converted a former 121-unit mobile home park to house the amenity-rich development.
Residents at The Barcelona Apartments have access to a beach-entrance pool, a state-of-the-art fitness center, indoor and outdoor yoga studios, a basketball half-court, a billiards room and a dog park with agility course. Units range from one-to-three bedrooms with such features as stainless steel appliances, granite countertops, walk-in-closets and wood-style flooring.
“This development is setting new standards in luxury rental living in northern Palm Beach County,” said Nortman. “It has been greeted with such enthusiasm that the project is already over 50 percent leased with no concessions. We anticipate the entire development, including the commercial space, to be completed this year.”
About Crossroads Development Partners
Crossroads Development Partners, LLC is a boutique commercial real estate investment, management, and development company with expertise in property operations, entitlements, construction management, financial underwriting, and development. Crossroads Development Partners is particularly focused on maintaining and creating value at the property level to maximize returns to stakeholders. The company’s hands-on approach to operating income-producing real estate differentiates Crossroads Development Partners from competitors. Crossroads currently has projects in various stages of development including retail, apartments and office properties located in Florida, Texas, Ohio and Illinois. http://www.xrdevelopment.com