 |
| Amy Sands |
CHICAGO, IL – JLL Capital Markets has closed the sale of and arranged acquisition financing for the 195,500-square-foot flagship Neiman Marcus building located on Chicago’s famed Magnificent Mile.
Financial
details of the deal were not disclosed.
 |
| SOLD: the 195,500-square-foot flagship Neiman Marcus building located at 737 North Michigan Avenue on Chicago’s Magnificent Mile |
Additionally, working on behalf of the new
owner, JLL arranged the seven-year acquisition loan.
Neiman Marcus, a luxury department store chain,
has operated its flagship Chicago operation at this location since the
four-story building was constructed in 1983.
 |
| Clinton Mitchell |
It is
located along the Magnificent Mile, Chicago’s premier commercial district that
spans 13 blocks, at the corner of Superior Street. The district welcomes more
than 30 million annual visitors to its high-street retail and upscale
restaurants and hotels.
The JLL Retail Capital Markets Investment Sales
Advisory team representing the seller was led by Managing Directors Amy
Sands and Clinton Mitchell, Senior Managing Director Alex Sharrin
and Director Michael Nieder.
“Neiman Marcus is one of only eight trades on
Michigan Avenue within the last decade and was highly sought after by both
domestic and international capital due to the rare flagship offering on one of
the world’s most renowned and proven high-street corridors,” Sands said.
 |
| Alex Sharrin |
“Investors turn to this tax strategy to preserve equity and defer gains.
"The iconic Neiman Marcus building in the heart of
Chicago’s famed Michigan Avenue underscores the preservation of capital, with
long-term upside in the real estate.”
The JLL Capital Markets Debt Advisory team
representing the new owner was led by Senior Director Christopher Knight.
 |
| Michael Nieder |
“This is particularly evident when
exceptional real estate and top operators like Neiman Marcus combine.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.
The
firm's in-depth local market and global investor knowledge delivers the
best-in-class solutions for clients — whether investment sales and advisory,
debt advisory, equity advisory or a recapitalization.
 |
| Christopher Knight |
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About Silvestri Investments
Silvestri Investments is
a privately held, family-owned real estate investment firm with offices in
Canada, Florida and Texas.
CONTACT:
PR, Capital Markets,
Agency Leasing and
Valuation Advisory
JLL
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