Grosvenor Americas has sold a 126,000 square foot retail building at 830 North Michigan Avenue in the heart of Chicago’s “Magnificent Mile” shopping district to Chicago-based General Growth Properties, Inc.
The building’s tenants include Topshop, the London-based international fashion-forward apparel retailer, which occupies 50,000 SF on four levels. Other tenants in the building, strategically located at the corner of North Michigan Avenue and Pearson Street, are Columbia Sportswear and Ghirardelli Chocolates.
“While the property was not listed for sale, we were approached by General Growth and reached acceptable terms to sell the asset,” said Scott Brody, Vice President, Investments, Grosvenor Americas.
“830 North Michigan Avenue is a tremendous asset in one of the world’s leading shopping destinations,” said Michael Beattie, Chief Investment Officer, Grosvenor Americas. “Its prime location just north of the historic Water Tower is matched only by the prominence of its tenants, including international fashion leader Topshop and Columbia Sportswear.” Built in 1947 and renovated in 1994, 830 North Michigan Avenue was acquired by Grosvenor Americas in 1993.
Chicago’s Magnificent Mile is one of the most vibrant and successful commercial, residential, cultural and tourist areas in the United States. Originated as part of Daniel Burnham’s historic 1909 Plan of Chicago, this stretch of North Michigan Avenue between the Chicago River and Lake Shore Drive offers a unique mix of some 460 stores, 275 restaurants, 23,000 hotel rooms in 60 hotels, five unique museums and entertaining attractions, and prestigious educational and medical facilities. An international destination with over three million square feet of retail space, the Magnificent Mile attracts over 20 million visitors per year and generates nearly $2 billion annually in retail sales alone.
Grosvenor is a privately-owned property group, active in some of the world’s most dynamic cities with 19 offices in 12 countries and assets in a total of 17 countries. The Group operates and invests in three different business areas; direct proprietary investment in real estate through our Operating Companies in Britain & Ireland, the Americas and Asia Pacific; indirect proprietary investment in real estate managed by others, which is the responsibility of the holding company; and our international fund management Operating Company – Grosvenor Fund Management – which manages capital on behalf of investors. As of December 31, 2012, the Group had total assets under management of US$19.9bn. Unusual for a private company, Grosvenor publishes a full Annual Report & Accounts, available at: www.grosvenor.com.