PHOENIX–(BUSINESS WIRE)–Fundamental Income, a Phoenix- based net lease real estate platform, announces its acquisition of Tao Chicago – a 34,000 square foot restaurant and nightclub leased to the Tao Group in River North. Originally built in 1892 and redeveloped in 2018 by Sterling Bay, 632 N. Dearborn is a multi-story, historical landmark featuring a 275-seat dining area, separate nightclub, private dining rooms, five custom-designed bars, two DJ booths and a 16-foot Quan-Yin statue standing within a koi pond. Fundamental Income acquired the property subject to a long-term lease to Tao Group.
“While our focus remains middle-market sale leasebacks and the acquisition and development of company-owned, mission-critical real estate, we will continue to opportunistically acquire marquee assets with in-place leases and industry leading operators like Tao,” said Alexi Panagiotakopoulos, Chief Investment Officer and Partner at Fundamental Income. “It was a pleasure working with Matt Menna, the Sterling Bay team, and Michael Marks of Cushman & Wakefield on a smooth transaction.”
“On behalf of Sterling Bay, we’d like to congratulate Alexi Panagiotakopoulos and the entire Fundamental Income Team on their acquisition of 632 N. Dearborn. We wish them continued success and look forward to doing business with Fundamental again in the future,” Matt Menna added.
About Fundamental Income
Fundamental Income Properties is a Phoenix-based net lease real estate platform backed by Brookfield Asset Management (NYSE: BAM). Fundamental Income Properties provides real estate capital solutions and sale-leasebacks to businesses and business owners with established and growing operations across the United States. Led by seven investment partners with over 50 years and $15B of cumulative transaction history, the Company is focused on investing in single-tenant commercial properties, net leased to middle-market businesses operating in a wide variety of industries that directly or indirectly serve the US consumer.
For more information, please visit www.fundamentalincome.com
About Sterling Bay
Sterling Bay is a Chicago-based real estate investment and development company with a breadth of expertise spanning all aspects of real estate ownership. Sterling Bay is a leader in creating urban campus headquarters for prominent companies such as Google, McDonald’s, Uber, Glassdoor, Dyson, Hillshire Brands, and Pinterest. Today, Sterling Bay maintains a $5 billion real estate portfolio and a rapidly growing, passionate team of more than 200 employees. For more information please visit sterlingbay.com.
For further information on Sterling Bay, please visit www.sterlingbay.com