CHICAGO—New York-based Acadia Realty Trust has just purchased the retail property on the ground floor of the Waldorf Astoria Chicago hotel at 11 E. Walton St. in the heart of the Gold Coast for $44 million. Baum Realty Group, LLC and Cushman & Wakefield handled the sale and began marketing the property in October 2013.
Luxury retailers Marc Jacobs, Saint-Laurent and Perchance Boutique occupy the entire 6,738-square-foot space. It sits one block west of Michigan Ave. on Walton and Rush Sts., and just below the 188-room Waldorf. Global fashion brands such as Hermès, Prada, Brioni and Barneys New York have outlets in the immediate vicinity.
“Well over one hundred investors reviewed the marketing package for this property,” says Greg Dietz, a Baum vice president. “We believe that on a cap-rate basis, this sale represents a Chicago record for a stabilized retail property.” The Baum and Cushman teams say they fielded multiple competitive offers from both traditional investors and nearby property owners.
“The buyer profile for this deal consisted of primarily family offices and institutional investors,” says Danny Spitz, also a Baum vice president. “While international buyers are targeting office properties in Chicago, appetite for retail product is dominated by domestic buyers.”
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