CBRE closes sale of Lincoln Park retail asset

CBRE recently represented Acadia Realty Trust in the sale of a 31,764-square-foot retail property at 938 W. North Avenue in Chicago to The Feil Organization. Located on the corner of North Avenue and Sheffield Avenue in Chicago’s Lincoln Park neighborhood, the property is 100 percent occupied and home to retailers Sephora and a Lululemon flagship store.

“This is a high-profile corner in one of the city’s strongest retail areas,” said Keely Polczynski of CBRE, who represented ownership in the listing. “With these marquee retailers in place for the foreseeable future, this is an excellent long-term investment opportunity for the new owner.”

Acadia purchased the property in November of 2013 and executed on its business plan by modernizing the facade and securing Lululemon in a long-term lease. The Vancouver-based athletic apparel firm opened an innovative flagship location at the property, which includes such features as yoga studios, fitness facilities, meditation areas, a café and concierge service.

The immediate retail trade area surrounding the property is one of the strongest in Chicago and features more than 1.8 million square feet of existing retail space, including industry leaders of national brands. Historical retail vacancy in the area is less than 4 percent.