JLL Arranges Sale of the Iconic Neiman Marcus Michigan Ave Store
JLL Capital Markets has closed the sale of and arranged acquisition financing for the 195,500-square-foot flagship Neiman Marcus building located on Chicago’s famed Magnificent Mile. The store on the Magnificent Mile retail corridor was for many years an iconic presence.
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. Additionally, working on behalf of the new owner, JLL arranged the seven-year acquisition loan.
Neiman Marcus, a luxury department store chain, has operated its flagship Chicago 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.
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.
“There is no defined geography, asset class or transaction size for the ever-elusive 1031 investor,” Sharrin added. “Investors turn to this tax strategy to preserve equity and defer gains. The iconic Neiman Marcus building in the heart of Chicago’s famed Michigan Avenue underscores the preservation of capital, with long-term upside in the real estate market.”
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