JLL Capital Markets has completed the $30 million sale of The Retail and Parking at Marina City, a 146,000-square-foot retail, dining and entertainment complex with structured parking along the Chicago Riverwalk.
JLL represented the seller, Pebblebrook Hotel Trust, in the sale of the property to Sperry Equities.
The Retail and Parking at Marina City is located at 333 N. Dearborn St. in the heart of Chicago’s River North neighborhood and directly on the Chicago Riverwalk. The property is close to many of the city’s demand drivers, including the Magnificent Mile shopping corridor, Millennium Park, Navy Pier, Museum Campus, and Soldier Field.
Designed in 1958 by architect Bertrand Goldberg, The Retail and Parking at Marina City was designed as a “city within a city” and has been a popular destination for locals and tourists. It sits at the base of two condominium buildings, with the 450-space parking garage occupying the first 19 floors of each tower. Prominent retail tenants include Smith & Wollensky, Legal Sea Foods, Yolk, Spin, 10Pin, Tortoise Supper Club and Jefferson Beach Yacht Sales.
The JLL Investment Sales and Advisory team representing the seller was led by Michael Nieder, Keely Polczynski and John Dettlaff.
Sperry Equities led the negotiations for the acquisition and will asset manage the Retail and Parking at Marina City on behalf of their investor, a foundation in which Rand Sperry is a trustee.
According to JLL’s Q3 2023 Retail Outlook, retail continues to be a highly attractive asset class with strong underlying fundamentals. Retail real estate is experiencing a significant shortage of available space, with the availability rate below historical averages, which should bode well for pricing and rents going forward.
