Newmark has arranged the $41 million sale of the retail portion of 500 North Michigan Avenue, a high street asset located along Chicago’s Magnificent Mile.
Newmark Senior Managing Director Keely Polczynski represented the seller in the transaction. The buyer is a private investor. The approximately 21,565-square-foot retail space is fully leased to a roster of nationally recognized tenants, including Bank of America, Chick-fil-A, and Vans. The property traded at a cap rate of 5.93%.
“Opportunities to acquire scale on Michigan Avenue are exceptionally rare, particularly with investment-grade tenancy already in place,” said Polczynski. “This transaction reflects continued investor conviction in irreplaceable high street retail, where long-term fundamentals are supported by dense demographics, tourism and limited supply.”
Positioned along one of the world’s most recognized retail corridors, 500 North Michigan Avenue benefits from exceptional visibility and foot traffic within a tightly constrained five-block stretch of the Magnificent Mile.
The post Newmark Arranges $41M Sale of Michigan Avenue Retail Space appeared first on Connect CRE.