Timothy Phair And Domenic Lanni Of L3 Capital Acquire Retail Space From William Huffman For $64.5M

The retail property involved in this transaction is located at 919 North Michigan Avenue in Chicago, IL. The asset has a total area of 51,795 square feet and was sold for $64,500,000. This transaction indicates a price per square foot of $1,245, with the property currently being 69% leased.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $64,500,000
• Address: 919 North Michigan Avenue
• Market: Chicago, IL
• Square Footage: 51,795
• Price per Square Foot: $1,245
• Buyer: Timothy Phair & Domenic Lanni - L3 Capital
• Seller: William Huffman - Nuveen
• Brokers: Keely Polczynski & Conor Lalor - Newmark; Joe Girardi & Stanley Nitzberg - Mid-America Real Estate Group

L3 Capital's acquisition highlights the ongoing adjustments in property values along the Magnificent Mile. Louis Vuitton is expanding and renewing its lease at the property, with Newmark representing L3 Capital in the transaction and Mid-America Real Estate representing Nuveen.