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.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
