SOLD
Union Investment Acquires High-End Retail Property On E. Oak Street In Chicago For $120M
59-65 East Oak Street
Retail
32,000 SF
32,000 SF
Sold 1 year ago
Summary
Sale
ILLINOIS
Retail
32,000 sqft
CBRE has arranged the purchase and sale of 59-65 E. Oak Street—a one-block stretch of high-end retail located in Chicago, Illinois. The property is a state-of-the-art 32,000 sq. ft. LEED-certified building that houses flagship high-end retailers CHANEL, Van Cleef & Arpels (Richemont), Moncler, and Le Colonial. It is situated in the Gold Coast area of Chicago, known for being the number one destination for luxury goods and fashion in the city. The property offers ample frontage, visibility, and an irreplaceable location along Oak Street, which rarely sees properties become available. This sale represents a new benchmark for the Chicago market, with best-in-class tenancy and state-of-the-art construction.
Summary of transaction details
- Property Type: Retail
- Sale Price: $120,000,000
- Square Footage: 32,000 sq. ft.
- Price per Square Foot: $3,750
- Date: 10/26/2021
- Address: 59-65 E. Oak Street, Gold Coast, Chicago
CBRE represented the seller, Jenel Real Estate, in the transaction, while Keely Polczynski from CBRE served as the broker. Union Investment, a leading international investment manager based in Germany, acted as the buyer. Henrike Waldburg, Head of Investment Management Global at Union Investment Real Estate, commented on the property's desirability and the high-profile tenants it attracts. Matthew Scholl, Executive Director and Head of Investment Management Americas at Union Investment, noted that they were able to invest in the U.S. market again after facing challenges due to the COVID-19 pandemic.
Players
All
2
Agents
1
Agencies
1
Details
SOLD
IMAGE: Keely Polczynski
DATE: 10/26/2021
ADDRESS: 59-65 E. Oak Street
MARKET: Gold Coast, Chicago
ASSET TYPE: Retail
BUYER: Union Investment
SELLER: Jenel Real Estate
BROKER: Keely Polczynski (@Keelybosau) - CBRE
SALE PRICE: $120,000,000
SF: 32,000 ~ PPSF: $3,750
NOTE: CBRE has arranged the purchase and sale of 59-65 E. Oak Street—a one-block stretch of high-end retail located in Chicago, Illinois.
CBRE represented Jenel Real Estate in the original acquisition of two separate parcels in 2016. Jenel subsequently demolished the existing structures, built a state-of-the-art 32,000 sq. ft. LEED-certified building that now houses flagship high-end retailers CHANEL, Van Cleef & Arpels (Richemont), Moncler, and Le Colonial.
“This sale represents a new benchmark for the Chicago market. Properties along Oak Street rarely become available, and 59-65 East Oak represents best-in-class tenancy, state-of-the-art construction, ample frontage, visibility, and an irreplaceable location,” said Polczynski.
“East Oak Street is the number one destination in Chicago for luxury goods and fashion. High-profile tenants include brands such as Hermès, Prada, Giorgio Armani, and Dior. Due to the demand for space, vacancies are historically low, and rents are stable,” said Henrike Waldburg, Head of Investment Management Global at Union Investment Real Estate.
Union Investment is a leading international investment manager specializing in open-ended real estate funds for private and institutional investors. Based in Hamburg, Germany, Union Investment has €48.0 billion worth of assets under management.
“Over the last couple of years, we have found it challenging to invest in the U.S. market due to increased hedging costs and travel limitations because of the COVID-19 pandemic. While our U.S. team has remained active throughout this period, we are now able to acquire once more and look forward to realizing future opportunities in this very dynamic market,” said Matthew Scholl, Executive Director and Head of Investment Management Americas at Union Investment.View on map
Loading...
Address59-65 East Oak Street
Comparables
Reset filters to show results.
Contact
Get in touch with the broker you want