By IvyLee Rosario
The Macerich Co. has completed the sale of an office building in Chicago for $86.4 million. The asset was unencumbered and wholly-owned by Macerich.
Located at 500 N. Michigan Ave., the 326,000-square-foot tower features 24 floors. Originally completed in 1967, the building underwent cosmetic renovations in 2009. The asset offers 55 parking spaces, floor plates ranging from 13,435 to 13,900 square feet, seven passenger elevators and 2,000 square feet of first floor retail.
This disposition is consistent with the company’s strategy of recycling capital out of non-core assets and into its core portfolio of irreplaceable retail destinations in hub and gateway U.S. cities. According to Yardi Matrix, Macerich first purchased the asset in March 2012 from Zeller Realty Group for $70.9 million.
The property is situated adjacent to Macerich’s The Shops at North Bridge, a 673,000-square-foot shopping center anchored by Nordstrom and Eataly. As of September, the center was 99.2 percent occupied and generating $906 sales per square foot.
In January, Macerich sold two regional malls—Cascade Mall in Burlington, Wash. and Northgate Mall in San Rafael, Calif.—for a combined $170 million to Merlone Geier Partners.
Image courtesy of Yardi Matrix