JLL Capital Markets announced today that it has closed the sale of and arranged acquisition financing for the 195,500-square-foot flagship Neiman Marcus building located on Chicago’s Magnificent Mile.
JLL represented the seller and procured the buyer, Silvestri Investments Inc. Silvestri, a privately held, family-owned real estate investment firm, acquired the asset in a 1031 exchange. Working on behalf of the new owner, JLL arranged the seven-year acquisition loan.
Neiman Marcus has operated itsChicago operation at this location since the four-story building was constructed in 1983. It is positioned on 1.22 acres at 737 N. Michigan Ave. and, with more than 200 feet, has the largest single-tenant continuous frontage on Michigan Avenue. It is located along the Magnificent Mile at the corner of Superior Street. The district welcomes more than 30 million annual visitors to its high-street retail and upscale restaurants and hotels.
The JLL Retail Capital Markets Investment Sales Advisory team representing the seller was led by Managing Directors Amy Sands and Clinton Mitchell, Senior Managing Director Alex Sharrin and Director Michael Nieder.
“Neiman Marcus is one of only eight trades on Michigan Avenue within the last decade and was highly sought after by both domestic and international capital due to the rare flagship offering on one of the world’s most renowned and proven high-street corridors,” Sands said.
The JLL Capital Markets Debt Advisory team representing the new owner was led by Senior Director Christopher Knight.
In the wake of significant changes to consumer habits, this transaction demonstrates the market’s understanding of the resiliency of brick-and-mortar retail,” Knight added. “This is particularly evident when exceptional real estate and top operators like Neiman Marcus combine.”