CHICAGO-An Israeli investment firm has acquired a six-story, 94,600-square-foot retail property located at 1-15 East Oak St. for $117 million. The Tel Aviv-based buyer closed the deal on an all-cash basis, paying $1,200 per square foot for the property, which is leased primarily to Barneys of New York and Citibank.

The deal represents one of the largest retail investment sales transactions in Chicago this year, according to Guy Ponticiello, managing director and head of Jones Lang LaSalle’s Corporate Finance & Net Lease team. He marketed the property along with Bruce Miller, managing director of investment sales, and Dave Hendrickson, managing director of real estate investment banking.

Ponticiello says the price per square foot is “pretty near the top of the heap” for retail properties in the city. “This building is in a great, irreplaceable location,” he contends, pointing out that the building is situated in Chicago’s prestigious Gold Coast/North Michigan Avenue neighborhood across the street from Prada. “Oak Street is the Chicago equivalent of Rodeo Drive.”