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GGP Considering Sale Of Mag Mile Retail Properties

Chicago Michigan Avenue Retail
830 North Michigan Ave.

GGP retained CBRE to market the sale of two prime retail properties on Michigan Avenue it acquired as part of a strategy to diversify its holdings beyond shopping malls, Crain's Chicago Business reports.

The two properties are at 605 North Michigan Ave. and 830 North Michigan Ave. GGP paid $166M for the 830 North Michigan property in October 2013 and signed a 60K SF lease with Uniqlo for the Japanese retailer's Chicago flagship location. Net operating income on the property increased by $8M. The 605 North Michigan building is home to Sephora. GGP paid $140M for the building in December 2016.

GGP launched its diversification strategy shortly after CEO Sandeep Mathrani assumed control of the company in 2010, focusing on the acquisitions of street-level retail assets in high-traffic urban core locations. It is unknown what GGP is seeking for the two properties. GGP rejected a $14.8B buyout offer from Brookfield in December.