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Downtown Retail Asset Sells For $472/SF

Heritage Shops at Millennium Park, Chicago, IL

Hunt Investment Management is the new owner of the Heritage Shops at Millennium Park, a retail asset at Randolph and Wabash streets. Hunt paid $47M for the property from Acadia Realty Trust. That breaks down to $472/SF, a strong price for downtown retail.

Acadia bought Heritage Shops in 2011 for $32M and saw a 34% internal rate of return on the investment, Crain's reports. Acadia originally put the property on the market in late 2014.

It's a solid buy by Hunt. Downtown retail vacancies areĀ at their lowest rates in 14 years. Heritage Shops' value will likely increase with expected increases in tourism and multifamily development downtown. [Crain's]