The seller, Rockville, MD-based Federal Realty Trust sold the building for $2 million more than it paid for it in 1997.
A Kate Spade store is the building's sole tenant.
Nitzberg represented Federal Realty Trust.
On the southern fringe of the Magnificent Mile, Moonstruck Chocolatier has entered the Downtown market with a lease on 1,600 sf of ground-floor space at 320 N. Michigan Ave., a Marriott Executive Stay Hotel. The Portland-based high-end chocolate truffle and beverage retailer has a location in northwest suburban Park Ridge as well as Downstate Champaign, IL and Indianapolis.
"Moonstruck is a company that has had great success in other areas, but hasn't had exposure in the city of Chicago," says Inland Real Estate Sales associate Wayne Caplan, who brokered the deal with senior broker Ken Goldberg, also with the firm's Chicago office. "With this location, on North Michigan in the heart of the city, they're sure to get the exposure they'll need to be a success."
Moonstruck is leasing its Michigan Avenue space from BJB Partners.
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