November 1, 2019
Already the biggest retail landlord along the North Side’s Armitage Avenue, which draws retailers with e-commerce roots, Acadia Realty Trust has bought two more buildings there, the Chicago Tribune reported.
The Rye, NY-based REIT in September bought three-story buildings at 849 and 912 W. Armitage Ave. for almost $7.9 million combined, according to Cook County property records and Acadia’s public filings.
The buildings, which include apartments on the upper floors, were sold by New York-based Jenel Management. Ground-floor space in the buildings is leased to retailers Marine Layer and Pogo.
“I am constantly amazed at the outsized attention these short two to three blocks get on a national level, and I think it’s because of the concentration of digitally native, young companies,” Chris Conlon, Acadia’s EVP and COO, told the Tribune. “Tenant demand for that small submarket is really extraordinary. If we can own more there, we would want to.”
For comments, questions or concerns, please contact Paul Bubny