Hines Acquires North & Clybourn, A Trophy Retail Asset In Chicago’s Lincoln Park

Transaction represents Hines U.S. Property Partners Fund’s second acquisition in Chicago

(CHICAGO) – Hines, the global real estate investment, development, and property manager, today announced that Hines U.S. Property Partners (“HUSPP” or the “Fund”), the firm’s flagship commingled U.S. core plus fund, has acquired North & Clybourn, an approximately 68,000-square-foot, fully occupied retail center located at 850, 900 and 908 W. North Ave. in Chicago’s affluent Lincoln Park neighborhood. The transaction marks HUSPP’s second property acquisition in Chicago following its purchase of the Chicago Prime Portfolio, a two-building, 1.1 million-square-foot industrial campus in Melrose Park, late last year. HUSPP has deployed nearly $800 million over the past 12 months across build-to-rent, industrial, grocery-anchored retail, medical office, and select developments around the U.S.

“The North & Clybourn and Chicago Prime Portfolio acquisitions have been highly strategic additions as we continue to scale HUSPP’s diversified portfolio and seek to expand our presence in Chicago,” said Adriana de Alcantara, fund manager for HUSPP. “We currently have strong conviction in industrial and retail, and continue to focus on high-quality assets with favorable fundamentals and long-term value creation.”

North & Clybourn is anchored by Crate & Barrel and The Container Store – which have occupied the property for 25 years – as well as Potbelly Sandwich Shop, LensCrafters and Sweetgreen. The property offers prominent signage and accessibility from major thoroughfares including Interstates 90 and 94, as well as North Avenue. North & Clybourn is easily reachable by public transportation via the Red, Purple and Brown train lines, and offers on-site parking, a scarcity for this area of Chicago.

“North & Clybourn represents a rare opportunity to acquire a generational asset in one of Chicago’s strongest retail submarkets,” said John Tomlinson, managing director at Hines. “The property is a clear reflection of our strategy to acquire well-located assets supported by strong fundamentals and anchored by long-term commitments from best-in-class tenants. We look forward to leveraging our institutional knowledge and operational expertise, aiming to generate additional value over time.”

North & Clybourn and Chicago Prime Portfolio are milestone acquisitions for the Hines Midwest region portfolio, which totals over 23 million square feet that the firm owns or manages. Chicago Prime Portfolio is 100 percent leased to three high-quality logistics tenants. The two industrial facilities feature modern characteristics, including 32- and 35-foot clear-height ceilings, one dock per 5,000 square feet, 159 trailer parking positions, and dual rail loading. Hines serves as the property manager for the portfolio.

Joe Girardi and Stanley Nitzberg, principals at Mid-America Real Estate, helped arrange the North & Clybourn transaction on behalf of the seller.

HUSPP is an open-ended, diversified fund targeting next-generation assets in top-performing submarkets throughout the United States. The fund’s strategy is to “buy, build, and manage to core” through research-driven portfolio construction, smarter submarket and sector selection, vertically integrated value creation, and product designed for future demand. HUSPP expects to continue to invest across the living, industrial, office and mixed-use sectors, as well as select alternative sectors, such as life sciences, self-storage, and others, to construct a diversified portfolio that targets a balance of yield and growth.

About Hines

Hines is a global real estate investment, development and property manager. The firm was founded by Gerald D. Hines in 1957 and now operates in 30 countries. We manage a $93.2B¹ portfolio of high-performing assets across residential, logistics, retail, office, and mixed-use strategies. Our local teams serve 857 properties totaling over 270 million square feet globally. We are committed to a net zero carbon target by 2040 without buying offsets. To learn more about Hines, visit www.hines.com and follow @Hines on social media. #MarketingCommunications

¹Includes both the global Hines organization as well as RIA AUM as of December 31, 2023.