JV ACQUIRES PROPERTY FOR $50 MILLION SENIOR HOUSING REDEVELOPMENT
NORTHBROOK, ILL. — 1000 Sunset LLC, a joint venture between Chicago-based companies ICE Realty Group and ABC Real Estate Investment, has acquired an office/warehouse property located at 1000 Sunset Ridge Rd. in Skokie with the intent to redevelop it into a senior living facility. The 7.2-acre parcel presently contains three buildings totaling 233,000 square feet, which will be completely demolished for the redevelopment.
The joint venture has also entered into an agreement with Chicago-based Senior Lifestyle Corp. to develop and operate the $50 million project. Plans call for 180 units, consisting of a five-story structure that will house 136 independent living units, as well as a four-story structure that will house 32 assisted living units and 12 memory care units. The two buildings will be connected by a shared first floor that will contain a centralized dining facility and common areas. The facility will also contain below-grade parking. The project is scheduled to break ground later this year or in early 2009, with completion slated for 2010. Mitch Loveman of Colliers Bennett & Kahnweiler represented 1000 Sunset LLC in the property acquisition; Sam Badger of Paine/Wetzel represented the seller, a partnership involving Gold Realty. Steve Levitas and Bob Chodos, also of Colliers, represented Senior Lifestyle Corp. in the development agreement.