CHICAGO—Marcus & Millichap, a commercial real estate investment services firm, has just helped complete a transaction for a 16,000-square-foot retail building in Chicago’s Lincoln Park neighborhood. Acadia Realty Trust bought the building at 865 W. North Ave. for $14,750,000, or about $922-per-square-foot. The property is 100% net-leased by Forever 21, a clothing retailer.
Stephen Lieberman, a senior associate in Marcus & Millichap’s Chicago Downtown office, represented Acadia Realty Trust. The seller was Elk Grove Village, IL-based Tri-Equities LLC. “The property is a trophy asset located in an area that is seeing tremendous growth and development,” says Lieberman.
The asset sits in the heart of Lincoln Park on the signalized, southeast corner of Fremont St. and North Ave. It is a two-story building with 8,000-square-feet on each floor, a 4,000-square-foot basement and on-site customer parking. Other retailers in the area include Anthropologie, Apple, Best Buy, Crate and Barrel, Restoration Hardware, Sephora, The Container Store, Vitamin Shoppe, Whole Foods and Williams-Sonoma.