Investor Pays $47 Million for Michigan Avenue Retail and Office Building
Update
08/12/24
Investor Pays $47 Million for Michigan Avenue Retail and Office Building
Brookfield Properties has sold a 4-story building at 605 N. Michigan Ave to North American Real Estate for $47 million, a fraction of its previous sale price of $140 million in 2016 to GGP Inc., a large shopping mall operator that was acquired by Brookfield in 2018. North American plans to make cosmetic improvements to the 68,000 square foot building to attract new tenants. Current tenants on the first two floors include a Chase Bank branch and Sephora, but the upper floors are vacant.
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