Luigi Maramotti Of Max Mara Acquires Retail Property At 41 East Oak Street For $17M

The property involved in this transaction is a retail asset located at 41 East Oak Street in Chicago's Gold Coast. The sale price was $17,000,000, and the property encompasses 5,000 square feet, translating to a price per square foot of $3,400.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $17,000,000
• Address: 41 East Oak Street
• Market: Chicago
• Square Footage: 5,000
• Price Per Square Foot: $3,400
• Buyer: Luigi Maramotti - Max Mara
• Seller: Fred Latsko - Latsko Interests
• Broker: Keely Polczynski - JLL
• Cap Rate: Just above 5%
• Notable Tenant: Bottega Veneta

An entity associated with the Maramotti family, known for owning Max Mara, completed the purchase. The seller, Fred Latsko, referred to the transaction as a “robbery” given the pricing dynamics on Oak Street compared to market conditions faced on the Magnificent Mile.