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McCaffery to Buy Roosevelt Collection at Bargain Price

Just a month after handing Hotel Burnham over to the lender, developer Dan McCaffery is in a buying mood again. Unnamed sources tell Crain's that McCaffery and Canyon Capital Realty Advisors have agreed to buy Roosevelt Collection, the suburban-style apartment-retail development, for somewhere in the neighborhood of $160 to $175 million — roughly half what it cost to build. The main question remaining for South Loop residents is whether McCaffery will be able to do what Centrum Properties failed at: leasing the 398,324 square feet of retail space. According to Crain's, less than a quarter of Roosevelt Collection's commercial space — all of which is occupied by the Kerasotes ShowPlace movie theater — has been leased.
· McCaffery scores a bargain on Roosevelt Collection SUBSCRIBERS ONLY [Crain's]

Roosevelt Collection

150 W Roosevelt Road, Chicago, IL 60605