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Newmark Arranges Sale of Luxury Retail Condominium in Chicago
Newmark has arranged the sale of the 51,795-square-foot retail condominium at 919 North Michigan Avenue along Chicago’s Magnificent Mile. The property is anchored by Louis Vuitton and features a collection of luxury retailers.
Newmark Senior Managing Director Keely Polczynski and President of Retail Capital Markets Conor Lalor represented the buyer, L3 Capital, in the transaction. The seller was represented by Joe Girardi of Mid-America Real Estate. “919 North Michigan Avenue represents the type of generational retail real estate that rarely comes to market, combining an irreplaceable corner location with exceptional luxury tenancy and significant long-term value,” said Polczynski.
Located at the corner of North Michigan Avenue and East Walton Street, the retail condominium occupies the base of the historic 37-story Palmolive Building. Positioned directly across from Gucci, the four-level retail property is 68.8% leased. Originally built in 1929 and renovated in 2005, the Palmolive Building features retail, office space and residential condominiums across approximately 0.62 acres.
