Dec. 05--New York-based Acadia Realty Trust has paid $144 million to buy an 88.4 percent stake in 840 N. Michigan Ave., adding the high-profile location to its growing collection of Chicago retail properties, the company said Friday.
Acadia is partnering in the 87,000-square-foot building, which houses the recently expanded H and the new Verizon store, with a group of real estate executives from CBRE/U.S. Equities Realty, who owned and developed the property and maintain a minority stake.
"Following the successful completion of this most recent re-tenanting, we felt that the time was right to recapitalize," Camille Julmy, vice chairman of CBRE, said in a statement.
The acquisition adds to an expanding Chicago portfolio for the White Plains, N.Y.-based real estate investment trust, which this year bought $450 million worth of properties nationwide, according to the announcement. It lists 14 Chicago properties on its website, including the retail space at 664 N. Michigan Ave., at the base of the Ritz Carlton residences building, and a collection of Gold Coast buildings that house Saint Laurent, Marc Jacobs, Brioni, BHLDN, Barbour, Lululemon and Sprinkles Cupcakes.
aelejalderuiz@tribune.com
