Acadia Realty Trust Acquires Trophy Lincoln Park Property in Chicago

  

Forever 21 retail building, 865 West North Avenue,
Lincoln Park neighborhood, Chicago, IL

Stephen Lieberman

 CHICAGO, IL, March 25, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of a 16,000-square-foot retail building 100-percent net-leased by Forever 21.

Located in Chicago’s Lincoln Park neighborhood, the property sold for $14,750,000, which equates to $922 per square foot.

Stephen Lieberman, a senior associate in Marcus & Millichap’s Chicago Downtown office, represented the buyer, Acadia Realty Trust. The seller is Elk Grove Village, Ill.-based Tri-Equities LLC. 

            “The property is a trophy asset located in an area that is seeing tremendous growth and development,” says Lieberman.

            The asset is located in the heart of Lincoln Park on the signalized, southeast corner of Fremont Street and North Avenue at 865 W. North Ave.

It is a two-story building with 8,000 square feet on each floor, a 4,000-square-foot basement and on-site customer parking.

Other retailers in the area include Anthropologie, Apple, Best Buy, Crate and Barrel, Restoration Hardware, Sephora, The Container Store, Vitamin Shoppe, Whole Foods and Williams-Sonoma.

For a complete copy of the company’s news release, please contact:

Gina Relva,

Public Relations Manager

(925) 953-1716