{"id":1933,"date":"2020-01-10T10:20:18","date_gmt":"2020-01-10T15:20:18","guid":{"rendered":"https:\/\/www.meyer.media\/?p=1933"},"modified":"2020-01-10T10:17:25","modified_gmt":"2020-01-10T15:17:25","slug":"cushman-wakefield-negotiates-sale-of-the-clare-in-chicago","status":"publish","type":"post","link":"https:\/\/www.meyer.media\/2020\/01\/10\/cushman-wakefield-negotiates-sale-of-the-clare-in-chicago\/","title":{"rendered":"Cushman & Wakefield Negotiates Sale of The Clare in Chicago"},"content":{"rendered":"
\"The<\/a>
The Clare<\/figcaption><\/figure>\n

Cushman & Wakefield\u2019s Allen McMurtry and David Kliewer Negotiated the Sale of The Clare, an Iconic Chicago High-Rise and One of the Nation\u2019s Most Prestigious Senior Living Communities<\/em><\/strong><\/p>\n

CHICAGO, IL, January 10, 2020<\/strong> \u2014 Cushman & Wakefield<\/a> has negotiated the sale of The Clare<\/a>, a luxury, 338-unit high-rise continuing care retirement community (CCRC) in the heart of Chicago\u2019s affluent Gold Coast<\/a> neighborhood.<\/p>\n

The Tampa, FL-based Cushman & Wakefield Senior Housing team led by Executive Director Allen McMurtry<\/a> and Senior Director David Kliewer<\/a> represented a joint venture between New York-based alternative asset manager Fundamental Advisors LP<\/a> and Harrison, NY-based owner and developer Senior Care Development, LLC (SCD)<\/a>. Under the direction of the ownership team, occupancy increased from \u00b134% at the time of acquisition in 2012 to the current occupancy of \u00b199%.<\/p>\n

Des Moines, IA-based senior living company LCS<\/a>, which was a minority investor in the SCD acquiring entity in 2012, purchased the asset as the new majority owner with SCD retaining a minority investment moving forward. Life Care Services, the management arm of LCS that had previously managed the property under the sellers\u2019 ownership, will remain as the manager.<\/p>\n

The Clare is a high-end CCRC with luxury interiors, offering residents premier views of the Downtown Chicago cityscape and Lake Michigan, as well as walkable access to nearby downtown amenities, all within a full continuum of care. Located within the Gold Coast, the seventh most affluent urban area in America<\/a>, The Clare is situated one block from The Magnificent Mile<\/a> and just over a mile from Navy Pier<\/a>.<\/p>\n

At 55 East Pearson St.<\/a>, The Clare was developed in 2008, and is a \u00b1700,000-square-foot, 53-story high-rise. The property\u2019s unit mix includes 248 independent living apartments, 26 assisted living units, 14 memory care units and 50 skilled nursing beds. The Clare offers a selection of one-, two- and three-bedroom independent living units averaging \u00b11,200 square feet. It was \u00b199% occupied with a waiting list at the time of sale.<\/p>\n

The Clare shares a portion of the development with Loyola University\u2019s Water Tower Campus<\/a>. Loyola and The Clare have a lease agreement for the parcel\u2019s land\/development rights on which the building was developed.<\/p>\n

\u201cThe Clare is widely recognized as the premier Senior Living high-rise in the nation. The successful turnaround of this trophy asset represents a tremendous accomplishment for the senior living industry and, in particular, the entrance-fee CCRC operating model,\u201d said Mr. McMurtry. \u201cThe team of Fundamental, SCD and LCS executed a multi-year strategic plan resulting in not only an exceptional financial outcome, but a thriving community for the residents and staff of The Clare.\u201d<\/p>\n

Added Mr. Kliewer, \u201cThe Clare is truly a one-of-a-kind senior living asset in one of the most affluent and highest barrier-to-entry locations in the country. With Life Care Services continuing to operate the community going forward, it is well-positioned for future success.\u201d<\/p>\n

About Cushman & Wakefield<\/strong><\/p>\n

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit\u00a0www.cushmanwakefield.com<\/a> or follow @CushWake<\/a> on Twitter.<\/p>\n

Media Assets<\/strong><\/p>\n

The Clare Photo<\/a>
\nAllen McMurtry Headshot<\/a>
\nDavid Kliewer Headshot<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

shman & Wakefield’s Allen McMurtry and David Kliewer have negotiated the sale of The Clare, a luxury, 338-unit high-rise continuing care retirement community (CCRC) in the heart of Chicago\u2019s affluent Gold Coast neighborhood.<\/p>\n","protected":false},"author":1,"featured_media":1886,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[5],"tags":[2707,593,2567,2698,49,2545,4,595,583,29,2702,2701,2700,2706,2705,2708,2704,2703,369,103,2699,2709],"class_list":["post-1933","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-pr","tag-55-east-pearson-street","tag-allen-mcmurtry","tag-ccrc","tag-chicago","tag-commercial-real-estate","tag-continuing-care-retirement-community","tag-cushman-wakefield","tag-david-kliewer","tag-downtown","tag-florida","tag-fundamental-advisors-lp","tag-gold-coast","tag-high-rise","tag-lcs","tag-life-care-services","tag-loyal-university","tag-scd","tag-senior-care-development-llc","tag-senior-housing","tag-tampa","tag-the-clare","tag-water-tower-campus"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.meyer.media\/wp-content\/uploads\/2019\/12\/the-clare-photo-scaled.jpg?fit=2560%2C1434&ssl=1","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p79IL5-vb","_links":{"self":[{"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/posts\/1933","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/comments?post=1933"}],"version-history":[{"count":1,"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/posts\/1933\/revisions"}],"predecessor-version":[{"id":1934,"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/posts\/1933\/revisions\/1934"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/media\/1886"}],"wp:attachment":[{"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/media?parent=1933"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/categories?post=1933"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/tags?post=1933"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}