South Street Capital and T2 Capital Management have acquired a West Lafayette, Indiana-based property known as The Miller Building, a three-story building consisting of retail, apartments and office space. No financial terms were disclosed.
CHICAGO, March 23, 2017 /PRNewswire/ — South Street Capital, a Chicago-based, privately controlled real estate investment, development and management company, today announced the off-market acquisition of 100 Northwestern Avenue near Purdue University in West Lafayette, IN. The acquisition was completed through a joint venture between South Street Capital and T2 Capital Management of Wheaton, IL.
Locally known as The Miller Building, 100 Northwestern Avenue is a mixed-use, three-story building consisting of retail, apartments and office space. “The Miller Building has been a pillar of the West Lafayette landscape for over 100 years. It’s also an acquisition that I have pursued for the last 15 years. We do not take the opportunity to acquire and reposition this asset lightly and are exploring multiple redevelopment options that will transform this best in market location and building into an asset that pairs work, retail and recreation,” said Marc Muinzer, founder of South Street Capital.
The acquisition of 100 Northwestern Avenue is the most recent of several joint ventures between South Street Capital and T2 Capital Management. Prior joint ventures between the two firms have focused on repositioning properties near Purdue University and downtown Chicago.
South Street Capital is looking to acquire assets to accompany its development pipeline, which presently exceeds 500,000 square feet. “We have a lengthy track record in the student housing sector with successful projects including the Fuse at 720 Northwestern Avenue and Chauncey Square Apartments. South Street Capital is actively seeking to acquire additional assets and development sites near Purdue University and similar campus markets that offer immediate access to global demand drivers,” added Muinzer.
About South Street Capital:
South Street Capital is Chicago-based, privately controlled real estate investment, development and management company founded in 2002 by Marc Muinzer. We acquire, reposition, design, develop, lease and manage real estate with an expertise in niche asset classes including student housing, creative office and urban retail. Our track record spans over 1.5 million square feet of acquisitions and ground-up developments throughout the Midwest. Muinzer Partners, an affiliate of South Street Capital, executes property management, asset management and leasing responsibilities for the South Street Capital portfolio. Please visit www.southstreet.me and www.muinzer.com for additional information.
About T2 Capital Management:
T2 Capital Management is an opportunistic, privately held real estate investment firm based in the Chicago suburbs. Since its founding in 2011, T2 has invested $300+ million across the entire capital stack and among virtually all property types. The firm has created a niche in swiftly executing investments of $1-10 million on properties across the USA, but predominantly located within the Midwest. Please visit www.t2investments.com for additional information.