{"id":1004140122,"date":"2016-03-24T01:47:23","date_gmt":"2016-03-24T09:47:23","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004140122"},"modified":"2020-05-14T05:36:39","modified_gmt":"2020-05-14T13:36:39","slug":"mixed-use-asset-in-milan-sells-for-65-1m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/mixed-use-asset-in-milan-sells-for-65-1m\/","title":{"rendered":"Mixed-Use Asset in Milan Sells for $65.1M"},"content":{"rendered":"

By Keith Loria, Contributing Editor<\/em><\/p>\n

\"Via<\/a>

Via Dante 16, Milan<\/p><\/div>\n

Milan<\/strong>\u2014Bayerische Versorgungskammer<\/a> has acquired a 64,500-square-foot retail and office<\/a> building on via Dante 16 in Milan, Italy, for approximately $65.1 million.<\/p>\n

Hines<\/a>, in partnership with IDeA FIMIT<\/a>, advised on the acquisition.<\/p>\n

\u201cIt has a strong location. It is not easy to find prominent properties on European \u2018high streets,\u201d Mario Abbadessa, Hines\u2019 Italy country head, told Commercial Property Executive<\/a>. \u201cAlso, the opportunity to get a value enhancement through expansion of the retail area coupled with an optimization of the lease contracts makes this an attractive deal.\u201d<\/p>\n

The seven-story, 19th century building is located just south of the Castello Sforzesco in the core of the city of Milan.<\/p>\n

\u201cWe think this \u2018critical mass\u2019 location is strong,\u201d Abbadessa said. \u201cPiazza Cordusio, the Duomo and the Castello Sforzesco are all within a five-minute walk. Pedestrian foot traffic is extremely high (almost 15 million people per year). In addition, the street is already home to major brands such as OVS, Celio, Triumph, Desigual, etc.\u201d<\/p>\n

The property is nearly 100 percent leased and the new owners are reportedly planning to redevelop the space to create a flagship high-street store with office space at the higher floors.<\/p>\n

\"Mario<\/a>

Mario Abbadessa of Hines<\/p><\/div>\n

\u201cWe are seeing a strong interest in the Italian market mainly in the top cities driven by tourism, like Milan, Rome, Florence, Venice and Boulogne, particularly where assets can be repositioned to generate middle\/large size retail storefronts,\u201d Abbadessa said. \u201cWe are planning to optimize the existing retail space on the first floor and possibly reposition leases and tenants on some of the upper floors.\u201d<\/p>\n

Since entering Italy in 1999, Hines has developed 20 projects, including the landmark mixed-use development Porta Nuova in Milan, which includes 1.5 million square feet of office, 1.3 million square feet of residential and 430,000 square feet of retail and cultural venues.<\/p>\n

\u201cItaly has long been and continues to be a strategic market for Hines,\u201d Michael Topham, Hines Europe CEO, said in a prepared release. \u201cThe closing of this transaction helps to further strengthen our retail and expand our geographical reach across Italy.\u201d<\/p>\n

The acquisition marks the second by BVK with Hines\u2019 assistance, following the purchase of an iconic building<\/a> on Oslo\u2019s Karl Johans gate in December.<\/p>\n","protected":false},"excerpt":{"rendered":"

Hines has advised on the sale of a premier mixed-use retail and office asset in the heart of Milan.<\/p>\n","protected":false},"author":451,"featured_media":1004140124,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,16,21783,21752,21742,21747,21749],"tags":[],"class_list":["post-1004140122","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-international","category-investment","category-mixed-use","category-latest","category-office","category-retail"],"acf":[],"yoast_head":"\nMixed-Use Asset in Milan Sells for $65.1M - 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\/mixed-use-asset-in-milan-sells-for-65-1m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mixed-Use Asset in Milan Sells for $65.1M\" \/>\n<meta property=\"og:description\" content=\"Hines has advised on the sale of a premier mixed-use retail and office asset in the heart of Milan.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/mixed-use-asset-in-milan-sells-for-65-1m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-03-24T09:47:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-14T13:36:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/03\/k1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1650\" \/>\n\t<meta property=\"og:image:height\" content=\"1650\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/mixed-use-asset-in-milan-sells-for-65-1m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/mixed-use-asset-in-milan-sells-for-65-1m\\\/\"},\"author\":{\"name\":\"Keith Loria\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/aaa29b723dad85f2444ae3cb0c4d735f\"},\"headline\":\"Mixed-Use Asset in Milan Sells for $65.1M\",\"datePublished\":\"2016-03-24T09:47:23+00:00\",\"dateModified\":\"2020-05-14T13:36:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/mixed-use-asset-in-milan-sells-for-65-1m\\\/\"},\"wordCount\":388,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/mixed-use-asset-in-milan-sells-for-65-1m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2016\\\/03\\\/k1.jpg\",\"articleSection\":[\"Deals\",\"Featured\",\"International\",\"Investment\",\"Mixed Use\",\"News\",\"Office\",\"Retail\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/mixed-use-asset-in-milan-sells-for-65-1m\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/mixed-use-asset-in-milan-sells-for-65-1m\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/mixed-use-asset-in-milan-sells-for-65-1m\\\/\",\"name\":\"Mixed-Use Asset in Milan Sells for $65.1M - 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