41 East Oak | Bottega Veneta_Property for Sale
41 East Oak | Bottega Veneta_Property for Sale
41 East Oak Street, Chicago, IL, 60611, US

41 East Oak | Bottega Veneta

Asset Description

41 East Oak Street

Gold Coast Neighborhood

Chicago, IL

Bottega Veneta


Bottega Veneta is a high-end Italian fashion house offering ready-to-wear clothes, handbags, shoes, jewelry, and accessories. The brand was founded in 1966 in Vicenza, Italy and quickly become known for the Intrecciato, a unique woven leather design, found on many of their goods. Bottega Veneta opened its first store in the United States on Madison Avenue in New York in 1972 and has grown into an internationally recognized brand over the past fifty years.


Bottega Veneta was sold to Gucci in 2001 for $156 million. Sales grew 15-fold by 2010, and the company surpassed $1 billion in sales two years later. Today, the brand directly operates 288 locations including stores on Rodeo Drive in Beverly Hills, on Madison Avenue in New York City, and in Miami’s Design District. Matthieu Blazy has led Bottega Veneta as its creative director since 2021 and has been nicknamed the “Magician of Milan” as a result of the brand’s success under him.


Bottega Veneta is currently owned by Kering along with a series of other luxury brands including Gucci, Saint Laurent, and Balenciaga. The brand has continued to find success as annual revenues totaled $1.8B in 2023 with 82% of that attributable to sales in directly operated stores. North America is the brands third largest market and encompasses 17% of all sales. Bottega Veneta’s current strategy emphasizes maintaining the exclusivity of its brand and increasing sales through its directly operated retail network, as opposed to through wholesale suppliers.


+ Kering attributes Bottega Veneta’s 5% increase in sales in the directly operated retail network to “Bottega Veneta’s solid performance in North America.”

+ Retail network sales rose by 4% in 2023

+ On January 22, 2024, Kering acquired 715-717 Fifth Ave for $963 million, representing “a new milestone in Kering’s selective real-estate strategy aimed at securing key locations that are highly desirable for its Houses

...

Attributes

Building area net
446 m²
Number of floors
2
Tenants
Bottega Veneta
WAULT
10 years

Media

Investment Highlights

  • Net Lease Structure With Minimal Landlord Responsibilities


  • Newly Rebuilt, Fully Renovated Structure
  • Converted from 3 to 2 floors with a total capital spend in excess of $8M


  • 100% Investment Grade Credit


  • Generational Buying Opportunity
  • Trailing 10-year comparable Gold Coast retail trades have averaged $2,405 PSF / 4.4% cap rate


41 East Oak | Bottega Veneta 4_Property for Sale
41 East Oak | Bottega Veneta 4_Property for Sale

Contact brokers

41 East Oak | Bottega Veneta (0 Properties)

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Last updated
8 Oct 2024