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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.
