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

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SOLD
$17,000,000

Illinois

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Retail5,000 SF
Sold 12/17/2024
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Property Image
SOLD

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

41 East Oak Street

See Similar Deals
Retail5,000 SF
Sold 12/17/2024
the dealplayerscompscontact
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Summary

ILLINOIS
Asset Type:Retail
Price Per Square Foot:$3,400
Total Square Footage:5,000 SF
Transaction Type:Sale

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.

Players

Keely Polczynski
Newmark
Keely Polczynski
10 deals$402M volume
BROKER

Details

SOLD
IMAGE: Keely Polczynski, Luigi Maramotti & Fred Latsko DATE: 12/17/2024 ADDRESS: 41 East Oak Street MARKET: Chicago ASSET TYPE: Retail BUYER: Luigi Maramotti - Max Mara (@MaxMara) SELLER: Fred Latsko - Latsko Interests BROKER: Keely Polczynski (@Keelybosau) - JLL (@JLL) SALE PRICE: $17,000,000 SF: 5,000 ~ PPSF: $3,400 NOTE: An entity tied to the Maramotti family, owners of Max Mara, purchased the 5,000-square-foot 41 East Oak Street property in Chicago’s Gold Coast for over $17 million, with luxury tenant Bottega Veneta set to occupy the space. The seller, Fred Latsko, called the deal—trading at a cap rate just above 5%—a “robbery,” as Oak Street continues to dominate Chicago’s high-end retail market amid struggles on the Magnificent Mile.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$906,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

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Cash Flow (Annual)-$60,397.40
Cash-on-Cash Return-1.27%
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