CHICAGO—The Gold Coast retail market has begun to peak and some of its landlords are exploring the possibilities of cashing in. The owners of 60 E. Walton St., for example, have just brought on Cushman & Wakefield to market for sale the four-story building in the heart of the Gold Coast luxury shopping district, and the brokers say it could trade hands quickly.

“This is the first time this building has been offered for sale,” Michael Marks, senior director of retail investment advisors for the firm in Chicago, tells GlobeSt.com. He expects the 11,370 square-foot structure to get snapped up for a price in the mid-teens, hopefully around $15 million.

Currently occupied by House of Kahn Estate Jewelers, the property has 30' of frontage on Walton St. and is zoned DX-7, allowing for over 10,000 square feet of additional development potential. The building has been well-cared for, Marks adds. Club Macanudo, a former tenant, invested millions of dollars in the building, adding custom millwork and even a skylight.

Investors have not gotten many chances to buy property in this neighborhood, one of the nation's most lucrative and upscale shopping destinations. “Almost everything has traded hands at least once post-1960,” Marks says, but like the family that has owned 60 E. Walton St. for decades, local landlords have considered these assets generational holdings.

But those considerations may have changed along with the rise in property values. Cushman & Wakefield has also been engaged to sell a set of properties located at 663, 669, and 673 N. Michigan Ave., collectively known as 669 Mag Mile, and currently home to Nike, Cole Haan and Garmin. Marks expects it to go for about $300 million.

The quality of the neighborhood's retail, and the amount of rent that owners can collect, also seems to be on the upswing. Urban Outfitters, a middle market clothing store, recently left its location at Rush and Walton Sts. and was replaced by Versace and Christian Dior, two leading luxury retailers. “That is an enormous shot in the arm,” says Marks. And Gucci also gave the neighborhood a recent vote of confidence by renovating its store at 900 N. Michigan Ave., just a few steps from 60 E. Walton, into a two-story flagship outlet.

“There is a lot happening and I think that it's absolutely playing into the decisions to take these properties to market,” says Marks. “There is no reason not to do it now.”

“The biggest challenge is what to do with all the money once you exit,” he adds, since all other retail is a step down from the Gold Coast. “When you own gold what do you replace it with?”