Good bones: Harrison Street buys suburban senior complex for $49M

Local developer Kaufman Jacobs completed the $24 million complex in late 2018

TRD CHICAGO /
Mar.March 02, 2020 03:00 PM
The Sheridan at Park Ridge & Harrison Street Chairman and CEO Christopher Merrill (Credit: Google Maps)

The Sheridan at Park Ridge & Harrison Street Chairman and CEO Christopher Merrill (Credit: Google Maps)

A Chicago-based investment management firm just picked up a 100,000-square-foot senior living complex in the northwest suburbs for about $49 million.

Harrison Street Real Estate Capital bought the Sheridan at Park Ridge, located at 510 North Greenwood Avenue, from local developer Kaufman Jacobs, public records show.

Kaufman Jacobs developed the complex in partnership and Senior Lifestyle Corporation. Walsh Construction was the general contractor on the project, which they said on their website cost $24 million. It opened in late 2018.

The Sheridan at Park Ridge development includes 64 assisted living units and 36 specialized memory care units, with rents starting at $4,900 a month.

Harrison Street specializes in the education, healthcare and storage sectors. Since its founding in 2005, it has invested $32.1 billion and acquired or developed more than 1,000 properties, according to its website.

Other local purchases by Harrison Street include $23 million for a 1.6 million-square-foot self-storage facility in Northbrook, $240 million for an eight-building suburban medical office building portfolio and $29.5 million for a medical center in Tinley Park .

Toronto-based Colliers International Group agreed to pay $450 million for a 75 percent stake in Harrison Street less than two years ago.

Harrison Street didn’t respond to requests for comment.


Related Articles

arrow_forward_ios
This home in Winfield, Illinois sold for $320,000 in March (Credit: Google Maps)

These suburban markets were on fire in Q1

These suburban markets were on fire in Q1
The former McDonald's headquarters building in Oak Brook (foreground) and a rendering of the new HQ (Credit: NAI Hiffman, iStock)

Suburban office market still scuffling amid companies migrating to city

Suburban office market still scuffling amid companies migrating to city
628 Harrison Street and 922 North Boulevard in Oak Park (Credit: Google Maps, Realtor.com)

Two condo deconversions close in Oak Park

Two condo deconversions close in Oak Park
Old home being torn down (Credit: iStock)

Chicago suburb wants to issue $3,500 fines for teardowns

Chicago suburb wants to issue $3,500 fines for teardowns
Co-CEOs Bleecker P. Seaman III, and Bradford W. Howe with Bourbon Square Apartments in Palatine

Broadshore Capital lands big refinance on 612-unit rental complex in Palatine

Broadshore Capital lands big refinance on 612-unit rental complex in Palatine
Home sales fell 7.6 percent year-over-year in November (Credit: iStock)

Buyers in the Chicago area remain on the sidelines

Buyers in the Chicago area remain on the sidelines
Beverly Hills-based New Pacific Realty Corporation paid $37 million for a 131,000-square-foot warehouse leased by LGS Sky Chefs near O’Hare in Des Plaines (Credit: Google Maps, iStock)

What’s the deal with airline food warehouses selling for $38M?

What’s the deal with airline food warehouses selling for $38M?
1450 Sherman Avenue in Evanston, the site of a 273-unit project (Credit: City of Evanston)

Apartment developers are crazy for the Chicago suburbs

Apartment developers are crazy for the Chicago suburbs
arrow_forward_ios

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

Loading...