Newmark arranged the $41 million sale of the retail portion of 500 North Michigan Avenue, a premier high-street asset along Chicago’s iconic Magnificent Mile.
Newmark Senior Managing Director Keely Polczynski represented the seller in the transaction. The buyer is a private investor.
The approximately 21,565-square-foot retail space is fully leased to a roster of nationally recognized tenants, including Bank of America, Chick-fil-A and Vans, and traded at a cap rate of 5.93%.
Positioned along one of the world’s most recognized retail corridors, 500 North Michigan Avenue benefits from exceptional visibility and foot traffic within a tightly constrained five-block stretch of the Magnificent Mile. The offering presented a generational opportunity to acquire institutional-quality real estate in a location where assets seldom come to market.
