R2 Companies pays $10M for Old Town landmark
 building

The firm plans to upgrade the Germania Club’s retail and events spaces

Chicago /
Aug.August 24, 2018 01:00 PM

Managing Principal of R2, Matt Garrison and the building

R2 Companies bought a historic Old Town building with plans to upgrade the landmark’s retail and events spaces.

R2 Principal Matt Garrison said his company paid $10 million for the Germania Club building, a 129-year old former hall for German immigrants that sits at 108 West Germania Place, according to Crain’s. R2 bought it from Buffalo Grove-based Svigos Asset Management, which paid $7.9 million for the building in 2014.

R2 has plans to upgrade the three-story building’s ballroom in an effort to bring in more events. It is also considering facade upgrades including new lighting and signage.

The building, was designated a city landmark in 2011 and has been on the National Register of Historic Places since 1976, also has first-floor retail space, which is now fully leased. Despite nationwide doom-and-gloom over retail’s future, neighborhoods like Old Town are actually leading a resurgence in retail leasing.

The area around the Germania Club is only going to get denser, and likely, more wealthy. CIM Group and Golub & Co. have secured financing for 10-story luxury tower just north of the landmark club, with units listed between $1.6 and $5.6 million.

R2 recently bought a 3-acre industrial property in Goose Island, with plans to move its headquarters into the mixed-use building. [Crain’s] — Joe Ward 


Related Articles

arrow_forward_ios
The former Sears at 3340 Mall Loop Drive in Joliet with CBRE's Adam Foret, Richard Frolik and Matthew Ishikawa
Seritage sells Joliet mall’s Sears site for a song
Seritage sells Joliet mall’s Sears site for a song
Alderman Byron Sigcho Lopez with Little Village Discount Mall (Ward 25, Google Maps, Getty)
Novak draws aldermanic scrutiny with Little Village mall plans
Novak draws aldermanic scrutiny with Little Village mall plans
Saks Fifth's Paige Thomas with 6 South State Street
Saks Off 5th to reopen on State Street
Saks Off 5th to reopen on State Street
From left: Unibail-Rodamco-Westfield's Geoffrey Mason, Pacific Retail Capital Partners’ Jonathan Rood, UrbanStreet Group’s Robert Burk and Robert Kuker and Lionheart Capital’s Allison Greenfield (Illustration by The Real Deal)
Chicagoland mall mania: Developers want to make vacant sites vital
Chicagoland mall mania: Developers want to make vacant sites vital
From left: Cook County Assessor Fritz Kaegi and Washington Prime Group CEO Christopher Conlon (Getty, Google Maps, Cook County Assessor's Office, Washington Prime Group)
Mall owner sues Cook County over tax assessments
Mall owner sues Cook County over tax assessments
R2's Matt Garrison with 1200 North Branch Street (R2 Companies)
R2 Companies inks 54,000 sf in Goose Island office leases
R2 Companies inks 54,000 sf in Goose Island office leases
Alderman Jason Ervin, Yellow Banana's Michael Nance, and 420 South Pulaski Road (Facebook, LinkedIn, Google Maps)
City grants $13.5M for Save A Lot redevelopments
City grants $13.5M for Save A Lot redevelopments
From left: Pearlmark's Stephen Quazzo and Conning's Woody Bradford
Conning buys majority of Pearlmark amid $400M distressed property fund launch
Conning buys majority of Pearlmark amid $400M distressed property fund launch
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...