CHICAGO, IL - HFF announced today that it has been named to market for sale The North Shore Hotel, a 185-unit independent living retirement community in Evanston, Illinois. HFF is marketing the property on behalf of the seller, IRMCO Properties & Management Corporation.
The North Shore Hotel is situated on a 1.5-acre site at 1611 Chicago Avenue across the street from Whole Foods and within walking distance of Northwestern University in Evanston. Originally built in 1919, the property has a six-story main building plus a single-story retail building to the immediate north. Units are offered in studio, one- and two-bedroom layouts as well as room-only options without kitchens. The 90 percent occupied property currently offers residents three meals per day, daily housekeeping services, bath and linen service and a 24-hour front desk attendant. Community amenities include a pool, library, billiard room, fitness center, movie theatre, arts and crafts studio, ice cream parlor, grand ballroom, computer lab and on-site medical services and Wellness Center.
The HFF investment sales team representing IRMCO is led by executive managing director Matthew Lawton and managing directors Sean Fogarty, Marty O’Connell, Ryan Maconachy, Brian Kelly and director Chad Lavender.
“Due to its outstanding location, the property also provides an adaptive re-use opportunity to student housing or conventional multi-housing investors,” said Lawton.
Holliday Fenoglio Fowler, LP (“HFF”) and HFF Securities LP (“HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 20 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, advisory services, structured finance, private equity, loan sales, and commercial loan servicing.