Irving, TX-based Felcor Lodging Trust Inc. says it will receive $17.3 million in net proceeds for the space, which is occupied by Brooks Brothers and Enzo Angiolini.
The deal was more than a year in the making, Grosvenor public relations and marketing manager Lorin Horosz tells GlobeSt.com, and the company continues to keep a lookout for its third acquisition in the market. "Chicago is always on the radar screen, especially on North Michigan Avenue," Horosz tells GlobeSt.com.
More than 33,000 pedestrians walk by the corner of Michigan Avenue and Huron Street during an average week, according to Grosvenor's research. In addition, the Magnificent Mile rings up $1.7 billion in retail sales every year.
"Grosvenor's research team have identified urban retail in 24/7 cities as an attractive investment opportunity on a risk-adjusted basis," says president Mark Preston in a statement. "Having successfully invested in this sector in Chicago, San Francisco and L.A. over many years, we believe it fits our expertise and matches the quality and international standards of Grosvenor's brand."Purchased by Felcor in 1997 for $27.5 million, the Allerton Crowne Plaza also has undergone a $40-million renovation. However, Grosvenor will consider further renovations to the space, which is on the first two levels of the building as well as two basement levels.
HI Group LLC represented Felcor in the deal.
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