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Macerich, best known as owner of the Shops at North Bridge on Michigan Avenue, is cashing out on another Mag Mile property. Macerich is selling 500 North Michigan to a group of foreign investors for $87M, according to the Chicago Tribune. The buyers are Swiss and Israeli investors, who will work with developer David Bossy to renovate the property into mixed-use retail and offices.
Macerich is making a nice return on its investment, even though it was never able to carry out its bold vision for the building. The firm acquired the 347K SF tower for $71M in 2012 and wanted to connect it to the Shops at North Bridge, while converting the lower floors into retail. The Tribune reports Macerich is now focusing on developing a parking lot on Wabash Avenue into a North Bridge expansion.
Despite a relatively quiet first half of 2017 for downtown office building sales, foreign investment has continued to pour into the Loop. HNA Group paid $360M for 181 West Madison in February.
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