A German investor is ready to sell a luxury retail property on Chicago’s glitzy Oak Street, looking to cash in on high demand for space in the Gold Coast from tenants and investors.
Union Investment Real Estate has hired Newmark brokers to seek a buyer for the multi-level building at 65 E. Oak St., which is home to a Chanel flagship and other high-end brands, according to a brochure.
The property is going on the market almost exactly four years after the Hamburg-based investor bought the property for $120 million.
That was the highest-priced sale of a single retail property in Chicago since the nearly $147 million sale of the retail portion the historic Sullivan Center on State Street in 2016, according to CoStar data.
It’s unclear how much Union Investment is expecting in the sale. The firm did not immediately respond to a request for comment from CoStar News on Friday.
Efforts to sell the property were previously reported by Crain’s Chicago Business.
Built in 2018, the property is fully leased, according to the Newmark materials. The other tenants are luxury brands Van Cleef & Arpels and Montcler and the Le Colonial restaurant.
Unlike other areas like the nearby Magnificent Mile that struggled early in COVID-19 and more recently because of other factors, Oak Street and nearby avenues selling top-of-the-line merchandise have thrived.
Cartier, Bottega Veneta, Kith and Brandy Melville are among tenants that have opened new stores in the neighborhood in recent years.
One longtime investor in Gold Coast retail, Chicago developer Fred Latsko, recently put a multi-tenant retail property on Rush Street up for sale to test the strength of the for-sale market.
That property is at the base of 17-story condo tower.
For the record
The seller is represented by Newmark brokers Keely Polczynski, Conor Lalor, Kyle Minter, Brian Schneiderman, Eric Williams and Mat Adler.