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Waldorf Astoria Retail Sold For $ 44M

WALDORF ASTORIA RETAIL SOLD FOR $ 44M

Acadia Realty Trust has scooped up yet another Gold Coast retail property, paying $44 million for 6,738 square feet of store space in the Waldorf Astoria hotel leased to three luxury retailers.

 

The price for the property at 11 E. Walton St. works out to $6,530 per square foot, making the deal the priciest Gold Coast sale since Acadia paid $7,065 per square foot for the Lululemon store on Rush Street nearly two years ago.

 

Acadia, a White Plains, N.Y.-based real estate investment trust, has demonstrated a seemingly insatiable appetite for retail properties in the city’s top shopping districts.

 

Besides the Lululemon store, the firm paid $22.5 million, or $2,729 per square foot, for the retail shops 8-12 E. Walton St. and plunked down more than $86 million, or about $4,811 per square foot, for the retail space at the Ritz-Carlton Residences last spring.

 

Investors like Acadia are willing to bet on the Gold Coast and Magnificent Mile because the areas are considered safe investments over the long term that offer the possibility of growing rents as high-grade tenants search for space …

 

“In some of these markets, it’s very much turned into a landlord’s market,” … “That’s helping to drive both the rents and the financials.”

 

An Acadia executive did not immediately return a call. The Waldorf space is fully leased to Marc Jacobs, Saint Laurent and Perchance Boutique.

 

Acadia acquired the space from the venture that built the hotel and condominium tower, which includes David Pisor, a Chicago-based developer, and Mario Tricoci, CEO of Chicago-based Aparium Hotel Group. Sam Zell paid about $95 million for the hotel in 2011. Mr. Pisor declined to comment, and Mr. Tricoci could not be reached.

“There’s a flight to quality, for sure,” Mr. Dietz said, adding that the brokers received multiple offers for the property from both institutional and private investors. “This is not a speculative market. The bet is that rents will continue to rise.”

Credits : Crains

 

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