Asset recovery

Illini Plaza

Now home to Ramshaw Real Estate, Northwestern Mutual, Mettler Athletic, and many other businesses, Illini Plaza is a very different property today than it was when Ramshaw bought it in 1991. With low tenant morale, 30% vacancy, and many deferred maintenance issues, "the Plaza" presented many challenges to the young real estate company. But Ramshaw's vision was clear, and the Plaza was purchased out of foreclosure as previous partners were bought out and the financing was straightened out.

The company quickly and effectively addressed the property's negative aspects, particularly all outstanding maintenance. It secured a 13,000-square-foot lease with the University of Illinois athletic department, which took a huge bite out of the vacancy situation. Other key tenants moved to the Plaza in 1992, and the property was on its way to complete turnaround.

Ramshaw has put several million dollars back into the property. An old Kroger grocery store space received a massive renovation, and this space is now home to Northwestern Mutual and Mettler Athletic. An old Wendy's restaurant with Neil Street frontage was completely torn down and replaced with Atlanta Bread Company, an up-and-coming franchise that has proven to be a very popular dining option. The list of the largest projects includes:

The firm has continued to make steady, constant improvements to the property and has seen its value increase impressively. With parts of the complex built in the '70s and others built in the '80s, it now appears to be in its best shape ever, heading toward 2010 and beyond.