LaSalle Investment Management has bought a Chicago property asset for the Bayerische Ärzteversorgung (BÄV) in Germany.
The investment manager bought the Blackhawk mixed used property for the Bavarian doctors’ pension fund, one of 12 schemes under the BVK umbrella scheme.
Structured Development sold the 225,000 sqft asset, located in Halsted.
David Schreiber, managing director of acquisitions at LaSalle, said: “Blackhawk is a prototypical urban, mixed-use asset that offers the type of characteristics we’re targeting for many of our clients.”
The complex is 98% leased to office and retail tenants, as well as the British International School of Chicago.
Schreiber said the property had attracted a “strong complementary mix of healthcare, education and retail users that are a perfect fit for the demographics driving growth”.
He also cited the asset’s added appeal of accommodating industries that tend to demonstrate high retention and low volatility through all market cycles.