{"id":1004109011,"date":"2014-12-08T07:44:29","date_gmt":"2014-12-08T15:44:29","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004109011"},"modified":"2022-12-08T23:06:24","modified_gmt":"2022-12-09T07:06:24","slug":"acadia-takes-majority-stake-in-chicago-high-street-retail-property","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/acadia-takes-majority-stake-in-chicago-high-street-retail-property\/","title":{"rendered":"Acadia Takes Majority Stake in Chicago High-Street Retail Property"},"content":{"rendered":"

By Barbra Murray, Contributing Editor<\/em><\/p>\n

Acadia Realty Trust has added a high-street gem to its core portfolio with the acquisition of an 88.4 percent stake in 840 N. Michigan Ave. in Chicago. The REIT acquired the majority interest in the 87,000-square-foot -property, located along the Miracle Mile of the city\u2019s tony Gold Coast area, for $144.3 million.<\/p>\n

Acadia financed the purchase with cash, operating partnership units and the assumption of $48.6 million of pro-rata debt, and is now partners with four of 840 N. Michigan\u2019s original developers: CBRE|U.S. Equities Realty\u2019s Nancy Pacher, Camille Julmy, and Bob Wislow and Doris Holleb.<\/p>\n

Occupying a prime corner parcel that was once the site of the Bonwit Teller Building, the freestanding four-story retail structure at 840 N. Michigan was constructed at a cost of $35 million in 1992 and pre-leased as flagship space for Escada, FAO Schwarz, and Waterstones Booksellers. Today, the fully occupied property is home to European fashion retailer H&M, which recently expanded and renewed its lease, and Verizon, which just opened its new two-level 10,000-square-foot Destination Store in November.<\/p>\n

\u201cFollowing the successful completion of this most recent re-tenanting, we felt that the time was right to recapitalize,\u201d Camille Julmy, vice chairman of CBRE Inc., noted in a prepared statement. \u201cGiven its complementary, high-street portfolio and extensive footprint in Chicago\u2019s Gold Coast and Lincoln Park neighborhoods, Acadia was a natural choice as our majority partner.\u201d<\/p>\n

CBRE|U.S. Equities Realty, the merged Chicago operations of CBRE Group and U.S. Equities Realty, will manage the property along with Acadia.<\/p>\n

Acadia focuses its core portfolio activity on high-barrier-to-entry, irreplaceable retail assets, and the REIT has been quite acquisitive this year. Including the stake in 840 N. Michigan, its core purchases for 2014 now total nearly half-a-billion dollars. Other notable acquisitions include the 3,200-square-foot street retail co-op unit at 131-135 Prince St. Manhattan, picked up for $51.4 million.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Acadia Realty Trust has added a high-street gem to its core portfolio with the acquisition of an 88.4 percent stake in 840 N. Michigan Ave. in Chicago. <\/p>\n","protected":false},"author":969,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13,21742,21749],"tags":[],"class_list":["post-1004109011","post","type-post","status-publish","format-standard","hentry","category-midwest","category-latest","category-retail"],"acf":[],"yoast_head":"\nAcadia Takes Majority Stake in Chicago High-Street Retail Property - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/acadia-takes-majority-stake-in-chicago-high-street-retail-property\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Acadia Takes Majority Stake in Chicago High-Street Retail Property\" \/>\n<meta property=\"og:description\" content=\"Acadia Realty Trust has added a high-street gem to its core portfolio with the acquisition of an 88.4 percent stake in 840 N. 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