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CHICAGO- The new Apple Inc. store set to open next year at 801 W. North Ave. has been put on the market. According to a report in Crain’s Chicago Business, the property could sell for $10 million.

The 18,000-square-foot triangular building is owned by a joint venture, headed by Mark Hunt, a principal with M Development LLC. Apple struck a deal with the city of Chicago to locate here at Clybourn and North avenues. The Cupertino, CA-based company will pour $4 million into rehabilitating the near by Chicago Transit Authority Red Line stop. The deal could also give Apple naming rights for the station.

The figures on Apple’s lease deal for 9,000 square feet in the building have not been revealed but sources estimate $725,000 for the base annual rent on the ten-year lease. Apple has an option to extend for an additional 20 years. This will be the company’s ninth area location and sits only two miles from Apple’s flagship Michigan Avenue store.

The property is being marketed by Peter Block, SVP for Grubb & Ellis Co. and two California-based brokers with Cushman & Wakefield.

To read the full story in Crain’s Chicago Business click here.

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