Description de l'actif
Jones Lang LaSalle (Illinois) L.P, ("JLL"), as exclusive agent, is pleased to announce the opportunity to acquire a 100% fee simple interest in 919 North Michigan, the 20+ year home to Louis Vuitton’s flagship where they recently expanded/renovated and made a long term commitment to the location. Two other luxury retailers, David Yurman, and Breitling, round out the tenancy, offer over 8 years of WALT and are responsible for 93% of the in-place revenue. All leases include contractual escalations, offering secure and accretive cash flow as well as market rate extension options. Totaling 51,795 sf in a retail jewel box, the balance of the space is leased to a cosmetic dentistry practice that has been at this location for 25 years with 11 years of remaining term as well as Tom Stringer Designs, a bespoke residential design studio that was recently inducted into the Merchandise Mart Hall of Fame. The asset features below market assumable debt, resulting in a generational opportunity to own a bespoke asset.
Caractéristiques de l'actif
Points clés d'investissement
- Charming and Modern Jewel Box
- Outstanding Corner / Curb Appeal
- 20+ Year Home to LVMH / Gucci on Opposing Corners