Terra Foundation for American Art recently sold the 18,141-sq.-ft. retail portion of the Ritz-Carlton ResidencesMagnificent Mile for $86.6 million to White Plains, NY-based Acadia Realty Trust.
The ground floor space sold for $8,920 per sq. ft., and the second floor space sold for $1,358, the latter almost triple normal rent for retail on the famous Michigan Avenue. Tommy Bahama and Ann Taylor Loft occupy most of the space, at the corner of Michigan and Erie avenues.
Paul Zucker with City Real Estate Inc. says in a statement that the two retailers account for 85 percent of the property’s NOI. There are two other small retail sections of the building that havethat are soon to be announced, Zucker says. The new retailers will open this spring, he says.