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Pebblebrook Sells Marina City Retail Space for $30M
Pebblebrook Hotel Trust completed the sale of the Marina City retail space and two parking facilities adjacent to its Hotel Chicago Downtown, Autograph Collection, for $30 million. The buyer was Irvine, California-based real estate investment firm Sperry Equities, reported Crain’s.
The transaction includes approximately 146,000 square feet of retail space and two parking facilities offering two 450-space lots totaling 900 spaces. The properties are adjacent to several fine dining restaurants and retail tenants.
Maryland-based Pebblebrook hired JLL brokers Adam McGaughy and John Nugent earlier this year to market the 354-room Hotel Chicago at 333 North Dearborn Street, and the retail and parking portions of the historic Marina City towers next door.
In 2018, Pebblebrook became the owner of the hotel and retail space along with the Westin Michigan Avenue property, when the firm acquired real estate investment trust LaSalle Hotel Properties in a $5.2 billion merger deal.
