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Lincoln Park Retail Trades from Acadia to Feil
CBRE represented Acadia Realty Trust in the sale of a 31,764-square-foot retail property at 938 North Ave. in Lincoln Park to The Feil Organization. The 100% leased property, occupied by Sephora and Lululemon, is believed to have fetched the highest price-per-square-foot ever for Chicago retail.
“This is a high-profile corner in one of the city’s strongest retail areas,” said CBRE’s Keely Polczynski, who represented Acadia. “With these marquee retailers in place for the foreseeable future, this is an excellent long-term investment opportunity for the new owner.”
Acadia purchased 938 North in November 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.
The immediate retail trade area surrounding the property is home to more than 1.8 million square feet of existing space, with vacancies historically under 4%.
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