Key Takeaways
- • Windfall Group and Wyn Group launched the Asian Center Real Estate (ACRE) Fund, which is currently raising capital to develop a series of Asian-centric lifestyle shopping centers featuring dining, retail, shopping and entertainment.
- • The ACRE Fund is actively seeking both investors and prospective retail tenants, and states it aims to offer attractive, risk-adjusted returns while enriching local communities.
- • Fund chairman Eddie Ni framed the initiative around the intersection of culture and community in a press release; the article did not disclose target fund size or capital raised.
- • Lee & Associates hired Michael Adams as senior vice president, and Inland Real Estate Group launched its institutional asset management platform, Inland Institutional.
Summary
Windfall Group and Wyn Group have launched the Asian Center Real Estate Fund (ACRE Fund), a new investment vehicle currently raising capital to build a series of Asian-centric lifestyle shopping centers. The properties are planned to combine dining, retail, shopping and entertainment, and the sponsors are seeking both institutional and individual investors as well as prospective retail tenants. According to the press release quoted by Bisnow, fund chairman Eddie Ni said the initiative is meant to invest at the intersection of culture and community. The fund says it aims to enrich local communities while offering attractive, risk-adjusted returns. The article does not disclose a target raise size, initial portfolio locations, or fund terms.
The same deal sheet covered several other Chicago-area transactions. Lee & Associates appointed Michael Adams as senior vice president; he brings more than 25 years of office and industrial experience, including nine years at Colliers and seven at Newmark. Separately, Inland Real Estate Group launched Inland Institutional, an institutional asset management platform offering alternative investment solutions. It intends to target demographic-driven sectors including multifamily, self-storage, student housing and medical office.
Related Chicago-area items in the deal sheet include a joint venture of Path Construction and WindWave Real Estate that acquired the upper stories of 111 W. Illinois St. in River North for about $17M, with plans to convert the space into 153 luxury apartments in a $64M renovation set to begin in June. Landrock LP is providing preferred equity. Greystone also provided a $58.6M Freddie Mac Workforce Preservation loan to refinance a 427-unit multifamily property in Elk Grove Village for Bayshore Properties. Metra received city permits to renovate its 811 E. 95th St. station at a reported cost of $33.4M.
The same deal sheet covered several other Chicago-area transactions. Lee & Associates appointed Michael Adams as senior vice president; he brings more than 25 years of office and industrial experience, including nine years at Colliers and seven at Newmark. Separately, Inland Real Estate Group launched Inland Institutional, an institutional asset management platform offering alternative investment solutions. It intends to target demographic-driven sectors including multifamily, self-storage, student housing and medical office.
Related Chicago-area items in the deal sheet include a joint venture of Path Construction and WindWave Real Estate that acquired the upper stories of 111 W. Illinois St. in River North for about $17M, with plans to convert the space into 153 luxury apartments in a $64M renovation set to begin in June. Landrock LP is providing preferred equity. Greystone also provided a $58.6M Freddie Mac Workforce Preservation loan to refinance a 427-unit multifamily property in Elk Grove Village for Bayshore Properties. Metra received city permits to renovate its 811 E. 95th St. station at a reported cost of $33.4M.
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