- North Michigan Avenue, also known as the Magnificent Mile, is a famous downtown Chicago district renowned for its lifestyle shopping, historic architecture, and entertainment. It runs from the Chicago River to Oak Street and is home to department stores, boutiques, shopping malls, and iconic buildings like the Wrigley Building and Tribune Tower.
- 555 NMA due to its excellent location at the corner of NMA and Ohio Street enjoys great visibility. As a three-story retail building, it is one of the very few stand-alone 100% retail properties on NMA making it a very desirable flagship location. Neighboring retailers include Sephora, Timberland, Coach, UGG, Pandora, and Ann Taylor.
- We acquired 555 North Michigan Avenue for about $47 million from an institutional investor.
- It was then 100% leased to The Gap on a long-term lease so there was no near-term opportunity to add any significant value. Consequently, we did not co-invest in this asset.
- Equity from a HNW family – who then self-managed – and debt from Anglo Irish Bank.
