Farpoint Development Acquires Vacant Retail Building On Chicago's Magnificent Mile For $40M

The vacant retail building at 830 North Michigan Avenue in Chicago's Magnificent Mile is set to be sold for $40 million. The property, which has been empty for almost two years since Uniqlo left, is being sold by Brookfield Properties. The transaction will be carried out by Farpoint Development, Scott Goodman, and Saxony Capital.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $40,000,000
• Square Footage: 17,400
• Price per Square Foot: $2,299
• Address: 830 North Michigan Avenue
• Market: Chicago

Farpoint Development, Scott Goodman, and Saxony Capital are the key players involved in the deal to purchase the retail building. The property has attracted attention due to its prime location on the Magnificent Mile and its potential for redevelopment. The partnership aims to revitalize the vacant space and attract new tenants to contribute to the vibrant retail scene in the area.