Klaff Realty Acquires 100 East Walton

An eight-story office and retail building at 100 E. Walton St. has been acquired by Klaff Realty LP. The seller, Urban Growth Property Trust, sold the property for $2.7 million to a joint venture which also included the principals of Federal Construction Inc., a Canadian firm.

The facility, which comprises 45,900-rentable-sf, was built in 1989. The space is divided between 22,500-sf of retail space on two floors and 23,420-sf of office space on six floors. At the time of the transaction, the retail space was 58% occupied; the office space was 40% occupied.

The 100 E. Walton building is located between Michigan Avenue and Rush Street. The buyer plans to position the retail space with rents that are competitive with the neighboring upscale Oak Street market. The space may be divided among several users or leased to one retailer.

The office space, divided into units of 3,900-sf, is suited to a smaller tenant typical to this segment of the Chicago CBD office market. According to Hersch Klaff, president, Klaff Realty, “The retail portion will appeal to merchants seeking space in the active North Michigan Avenue market, while we expect the office portion to attract boutique space users.”