Timothy Phair & Domenic Lanni Of L3 Capital Acquire Retail Space From William Huffman Of Nuveen
919 North Michigan Avenue
Building Size
51,795 SF
Asset Type
Retail
Closing
Jun 10, 2026
About this deal
AI
A retail asset consisting of approximately 51,795 square feet is located at 919 North Michigan Avenue in Chicago, IL. The property is part of the Palmolive Building and includes space occupied by Louis Vuitton. The sale is currently under contract with terms not disclosed.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: Not disclosed
- Address: 919 North Michigan Avenue
- Market: Chicago, IL
- Buyer: Timothy Phair & Domenic Lanni - L3 Capital
- Seller: William Huffman - Nuveen
This acquisition by L3 Capital represents an expansion of their presence in Chicago’s luxury retail corridor. The transaction occurs amid a resurgence in retail activity along the Magnificent Mile, with new retailers and redevelopment projects fostering increased investment interest in the area.
On the Map
Retail
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Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93