Retail Real Estate Investment Company, L3 Capital, Closes on $13M Retail Deal in Chicago’s Southport Corridor

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Four-building deal is Chicago-based retail real estate investment firm’s first local transaction.

“There is tremendous opportunity in Chicago and we are poised to make significant moves in this market in the coming year,” said Schott. “We are excited to begin investing in our home town.”

L3 Capital, a Chicago-based retail real estate investment firm focused on institutional-grade urban retail properties, recently purchased four properties for $13 million on Southport Avenue in Chicago’s Lakeview neighborhood.

The transaction marks L3’s first foray into the Chicago retail real estate investment market. Formed three years ago in Chicago by former investment professionals from Transwestern, Vornado Realty Trust and RREFF, the firm has been steadily active in the New York and Los Angeles markets.

“Chicago will be an important part of L3’s strategy moving forward,” said Greg Schott, co-founder and managing principal of L3. “We were attracted to this deal because of the strength of this retail corridor. The properties on Southport represent the type of deals that we are looking for–quality retail assets in prime urban locations.”

Located at 3430 N., 3442-46 N., 3447-49 N. and 3550-56 N. Southport Ave. and encompassing 28,000 square feet, the purchased properties are 100 percent leased and house retailers such as Lululemon, Southport Grocery, Homemade Pizza Co., Free People and Southport Athletic Club. The deal also included eight residential apartments.

The Southport corridor is a heavily-trafficked retail market in Chicago’s Lakeview neighborhood and also includes locations for Anthropologie, Bluemercury and Athleta. The Gap recently announced its plans to locate to the corridor as well.

L3 Capital, which stands for the age old real estate adage “location, location, location,” focuses on retail real estate investment assets in the $5-$50 million price range. The firm’s portfolio includes single tenant, multi-tenant and mixed-use properties.

For the past three years, L3 has been active on the East and West Coast, completing several deals in high-end urban markets. Its most recent deal was a 42,000-square-foot property in New York’s SoHo neighborhood that fetched a price of $41.5 million. The firm also did a two-property, $20 million deal on North Beverly Drive in Beverly Hills, Calif.

“We are a highly-focused retail real estate investment firm,” said Domenic Lanni, managing principal. “By carefully reviewing only specific geographies and retail assets, we are able to identify the subtlest changes in the markets in which we operate. We target high-quality assets in top urban locations. You will not see us in markets outside of that established criteria.”

In Chicago, the retail real estate investment firm is targeting the Lincoln Park, Lakeview and Bucktown neighborhoods, as well as main retail corridors such as State Street and Michigan Avenue.

“There is tremendous opportunity in Chicago and we are poised to make significant moves in this market in the coming year,” said Schott. “We are excited to begin investing in our home town.”

About L3 Capital:
L3 Capital LLC is a retail real estate investment firm focused on institutional quality urban retail investments within first tier U.S. metropolitan markets. Based on an integrated team approach to real estate investment and management, each principal has a complementary skill set that includes acquisitions, capital markets/financing, and asset management. When properly combined, these independent skills form a competitive advantage. This combination of an operating capability with institutional investment experience creates the ability to identify inconsistencies, dislocations, value opportunities and overall superior risk-adjusted investments. For more information, visit http://www.l3capital.com.

CONTACT:     Mark Thomton, mthomton(at)taylorjohnson(dot)com, 312-267-4523

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Mark Thomton
L3 Capital
312-267-4523
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