New Michigan Avenue Apple Store Could Fetch $170M Bids
Walton Street Capital has put the new Michigan Avenue flagship Apple store on the market, five months after the new store opened and 10 months after Walton Street bought it and 401 North Michigan Ave. from Zeller Realty in a $370M deal. Walton Street retained Eastdil Secured to market the store, and bids could reach as high as $170M for the store alone, according to the Chicago Tribune.
Apple paid $27M to build the 6,141 SF location. The build-out added 4,300 SF of public space improvements around Pioneer Court and a 20K SF concourse along the Chicago River. Walton Street is offering the store as a stand-alone purchase, or as part of a package deal that would include a portion of Pioneer Court, a boat dock leased to Shoreline Sightseeing and the 11K SF ground-floor retail component of 401 North Michigan.
Pioneer Court is a growing hotbed of real estate activity. A venture of Zeller Realty, BDT Capital Partners and Groupon co-founders Eric Lefkofsky and Brad Keywell put the Wrigley Building on the market earlier this month, and are entertaining $200M bids. CIM Group and Golub were issued interior demolition permits for Tribune Tower in January. The work covers 10 floors in the historic tower and it is widely believed the redevelopment will involve a mix of apartments, offices, retail and a hotel.