Baum Realty Group LLC and Cushman & Wakefield have arranged the sale of the retail property at 11 E. Walton Street. The buyer, New York-based Acadia Realty Trust, paid $44 million for the retail podium at the base of the ultra-luxury Waldorf Astoria Chicago hotel, in the heart of Chicago’s Gold Coast neighborhood. Baum and Cushman were engaged in October 2013 to market the property for sale.
The 6,738-square-foot trophy asset is located one block west of Michigan Avenue on Walton and Rush streets, and is home to fashion retailers Marc Jacobs and Saint-Laurent. The property sits directly below the 188-room Waldorf Astoria Chicago.
“Well over one hundred investors reviewed the marketing package for this property,” said Greg Dietz, Baum vice president. “We believe that on a cap-rate basis, this sale represents a Chicago record for a stabilized retail property.”
The Baum and Cushman teams procured multiple competitive offers from traditional investors and nearby property owners.
“The buyer profile for this deal consisted of primarily family offices and institutional investors,” said Danny Spitz, Baum vice president. “While international buyers are targeting office properties in Chicago, appetite for retail product is dominated by domestic buyers.”