Razny Jewelers Acquires Retail Property In Chicago's Gold Coast For $16.4M

A 6,300-square-foot retail building located at 107 East Oak Street in Chicago was sold for $16.4 million. The property was acquired by Stan Razny & Ingrid Razny of Razny Jewelers from Jose Minaya of Nuveen. The purchase price translates to approximately $2,603 per square foot, reflecting a growing trend among high-end retailers to own properties rather than leasing them.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $16,400,000
• Buyer: Stan Razny & Ingrid Razny - Razny Jewelers
• Seller: Jose Minaya - Nuveen
• Brokers: Greg Bayer, Lara Keene & Stanley Nitzberg - Mid America Real Estate Group
• Lender: Busey Bank

Greg Bayer, Lara Keene, and Stanley Nitzberg from Mid America Real Estate Group facilitated the transaction as brokers. The involvement of Razny Jewelers in the acquisition of the high-value retail property in the prestigious area of Chicago's Gold Coast indicates a strategic move towards property ownership in line with the behaviors observed among luxury brands in other major cities like New York. The lender for the deal was Busey Bank.