L3 Capital Buys Oak Street Retail For $23M
L3 Capital bought a 10K SF building at 118-120 East Oak St. for $23M, the first sale on that Gold Coast strip in two years. L3 acquired the building from MacMunnis, according to Cook County property records.
Investor interest in Oak Street retail, home to some of the ritziest boutiques in Chicago, turned ice cold in conjunction with retail real estate's struggles. The strip saw a flurry of trades between 2013 and 2015, anchored by the $176M sale of the Esquire Theater in March 2015. The last sales of note on the strip were a $47M deal for 59-65 East Oak in October 2015 and a $23M deal for 57 East Oak in January 2016.
The building is occupied by Northern Trust Bank. L3 Capital also owns a four-story building at 46 East Oak it purchased in December 2014 for $14.1M.
Mid-America Real Estate's Joe Girardi and Stan Nitzberg were the sole brokers in the sale, on behalf of MacMunnis.