CHICAGO-The experts undervalued the deal between General Growth Properties and Grosvenor Group Ltd. for 830 N. Michigan Ave.
General Growth Properties acquired the 120,000-square-foot retail building for $166 million, according to a deed issued to a venture of General Growth by an affiliate of the Americas unit of London-based investment firm Grosvenor Group Ltd., reports Crain's Chicago Business.
Earlier this year, a published report cited industry experts who estimated General Growth paid $148 million for the property that has Topshop and Columbia Sportswear as tenants.
“This property was not for sale but (General Growth) came to us with a compelling offer and we were able to agree on terms,” stated Scott Brody, a Grosvenor vice president of investments. See story in Crain's Chicago Business.
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