Acadia Realty Trust Buys Retail Building on Chicago’s Magnificent Mile for $144.3 Million

H&M has operated at this space since 2003. The apparel and accessories retailer recently signed a new 10-year term that expands its selling space by about 10,000 square feet at the below-grade concourse level. H&M has operated at this space since 2003. The apparel and accessories retailer recently signed a new 10-year term that expands its selling space by about 10,000 square feet at the below-grade concourse level.

Chicago — H&M’s flagship store now totals 59,500 square feet.

Acadia Realty Trust has acquired an 88.4 percent interest in an 87,000-square-foot retail building along Chicago’s Magnificent Mile for $144.3 million. The four-story flagship property is fully occupied by H&M and Verizon. H&M has operated at the space since 2003. The apparel and accessories retailer recently signed a new 10-year term that expands its selling space by about 10,000 square feet at the below-grade concourse level. H&M’s flagship now totals 59,500 square feet. Verizon also rolled out its newest Destination Store at this location. The two-story, 10,000-square-foot space is Verizon’s largest store in the country and one of only two such experience stores, according to Acadia.

Acadia is partnering on this transaction with four of the property’s original developers and existing owners, including Nancy Pacher, Camille Julmy and Bob Wislow of CBRE|U.S. Equities Realty, along with Doris Holleb. Acadia and CBRE|U.S. Equities Realty will jointly manage the property. The sellers were represented by CBRE|U.S. Equities Realty, along with Doris Holleb and Robert Gerstein.

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