February 1, 2017
Two retail buildings on Michigan Avenue in Chicago sold for a combined $244 million. The properties at 605 N. Michigan Ave. and 717 N. Michigan Ave. were part of Alecta’s U.S. portfolio, which the Swedish pension fund manager has been selling to Blackstone Group. Blackstone flipped the purchase contracts to two other buyers.
GGP, formerly known as General Growth Properties, paid $140 million for the four-story building at 605 N. Michigan. The property includes a new Sephora store, and the offices of Lucien Lagrange Architects.
Further up the street, Acadia Realty Trust shelled out $104 million for the four-story, 61,600-square-foot retail building at 717 N. Michigan. The property is 25% leased to the Disney store, and Acadia plans to redevelop the rest of the building.
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