Flagship Neiman Marcus Store on Chicago's Magnificent Mile Sold to Silvestri Investments

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

JLL represented the seller and procured the buyer, Silvestri Investments Inc. Silvestri, a privately held, family-owned real estate investment firm, acquired the asset in a 1031 exchange.

 

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 positioned on 1.22 acres at 737 N. Michigan Ave. and, with more than 200 feet, has the largest single-tenant continuous frontage on Michigan Avenue.

 

 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 

“There is no defined geography, asset class or transaction size for the ever-elusive 1031 investor,” Sharrin added.

 

“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

In the wake of significant changes to consumer habits, this transaction demonstrates the market’s understanding of the resiliency of brick-and-mortar retail,” Knight added. 

“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

The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

 

For more news, videos and research resources on JLL, please visit our newsroom.

 

 

About Silvestri Investments

Silvestri Investments is a privately held, family-owned real estate investment firm with offices in Canada, Florida and Texas.

 

CONTACT:

 

 Kimberly Steele

PR, Capital Markets,

 Agency Leasing and

 Valuation Advisory 

JLL

T +1 713 852 3420

M +1 832 244 9994

JLL.com

 

Neil Solomon Named New CEO of PropertyForce

Neil Solomon 

 

 Hallandale Beach, FL, April 29, 2022 – PropertyForce, the leader in virtual real estate, today announced that Neil Solomon has been named President and CEO.

 

Oliver Seidler, who was previously CEO, will now settle into the role as Founder.

 

Solomon joined PropertyForce in 2020 and served as President. He has nearly 30 years of finance, operations and sales management experience, including more than 20 years of executive leadership.

 Prior to joining PropertyForce, Solomon was at City National Bank of Florida in Miami, where he served as Chief of Staff, Chief Development Officer, and Chief Investment Officer.

He also served as Managing Director for Sandler O’Neill + Partners in New York and Managing Director for KBW in New York.

Oliver Seidler

“In the first 14 years of PropertyForce history, we built an extraordinary company and brought on talented leaders such as Neil about two years ago. 

"The success we’ve achieved in the past two years under Neil’s guidance has been extraordinary,” said Seidler.

“I have complete confidence in his leadership, and I’m certain Neil will continue to drive the massive growth we’ve seen and will continue to see.”

During Solomon’s time at PropertyForce, he has played an integral role in growing the company’s revenue from about $7 million to $17 million as of December 2021.

 In addition, he helped bring 40 additional jobs to South Florida in 2021 and expects to add another 50 by the end of 2022, increasing the team by more than 600% in two years.

CONTACT:

Yeleny Suarez Brody

305-261-6222

ybrody@evclay.com

Northridge Summit Office Building in San Diego, CA trades for $76 Million

 

 Lynn LaChapelle

SAN DIEGO, CA – JLL Capital Markets has closed the $76.1 million sale of Northridge Summit, a Class A, single tenant office building totaling approximately 130,000 square feet in San Diego, California.

 

JLL marketed the property on behalf of the seller, Davlyn Investments. The asset was purchased by

DivcoWest.

 

The JLL Capital Markets team representing the seller was led by Managing Directors Nick Psyllos and Lynn LaChapelle and Associate Kurt Luedtke.

 

Northridge Summit is located at 12220 Scripps Summit Dr., in the Scripps Poway Parkway submarket along the I-15 Corridor of San Diego.

 

Nick Psyllos 

The I-15 Corridor is home to many of San Diego’s technology and corporate headquarters.

Additionally, the submarket is adjacent to the STEM worker housing communities of choice, including Carmel Valley and Rancho Bernardo.

 

Northridge Summit features highly desirable 43,000-square-foot rectangular floorplates, one level of below grade parking, charging stations and a lush exterior courtyard. Northridge Summit is 100% leased to an AA+ rated technology company.

 

Kurt Luedtke

The property is highly visible from the I-15 freeway and is proximate to numerous shops located within the Scripps Ranch Marketplace.

 

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.

Northridge Summit Office Building,
 12220 Scripps Summit Drive, 
 Scripps Poway Parkway submarket
 along the I-15 Corridor of San Diego.

The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

 

For more news, videos and research resources on JLL, please visit our newsroom.

 

Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.

 

CONTACT:

 

 Cierra Lacasse

JLL Associate, Public Relations

Phone: +1 602 648 8701

Email:  Cierra Lacasse@am.jll.com

 

jll.com.

www.divcowest.com