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News release

CHICAGO, IL

Irreplaceable Michigan Avenue Retail Asset Sells

JLL Brings Buyer for Rare Opportunity at The Shoppes at Metropolitan Tower


CHICAGO, September 30, 2016 – On behalf of Zeller Realty Group, JLL's Capital Markets experts today announced the sale of The Shoppes at Metropolitan Tower located in downtown Chicago along Michigan Avenue.  Cohen Equities purchased the retail asset at 310 South Michigan Avenue, which sits below a 30-story, 242-unit luxury condominium building providing street level-frontage as well as lower level retail space along Michigan Avenue and East Jackson.

Metropolitan Tower is located one block from the entrance to The Art Institute, Grant Park, Buckingham Fountain, the Chicago Symphony Orchestra, and the highly acclaimed Millennium Park.  These iconic landmarks attract over six million visitors a year.  It is within two blocks of CTA stations for all lines and within one block of Metra's Van Buren Street Station. There are five institutions of higher learning within a two block radius of the building with approximately 58,000 students, and a daytime population of approximately 184,195 workers within a 1/2 mile radius. 

Located on the southwest corner of South Michigan Avenue and East Jackson Boulevard, the property is situated on one of the most renowned retail avenues in the world. The area has strong demographics as well as significant new planned residential developments both south and north of the property.  

"The sale of Metropolitan Towers is significant in that it reflects the growing popularity of the South Michigan Avenue corridor as tourism, entertainment, residential and educational uses continue to explode south of the River along Chicago's Cultural Mile," said Rebecca Wells, Executive Vice President with JLL's Capital Markets.  "Cohen Equities is the perfect buyer for this asset, given their experience buying and owning urban retail assets throughout the country.  The well-positioned property is an irreplaceable Michigan Avenue retail asset paired with upside opportunity in the lease up of the available space." 

The first floor retail is comprised of 14,456 square feet, which is approximately 50 percent leased. The property offers 7,143 square feet ground floor and 18.239 lower lowel space of available, premier South Michigan Avenue retail space with open floors, high ceilings and expansive windows. 

"It was a pleasure working with Zeller Realty and JLL on this complex transaction. This property represents our first acquisition in the Chicago market.  We plan to be more active in Greater Chicago as we continue our push into quality retail and office assets in major cities across the U.S." said Jonny Cohen of Cohen Equities. "We are extremely excited to rapidly lease up and reposition this beautiful retail asset and to play a part in the continuous enhancement of the Historic Michigan Boulevard District."  

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2015 alone, JLL Capital Markets completed $140 billion in investment sale and debt and equity transactions globally. The firm's Capital Markets team comprises more than 2,000 specialists, operating all over the globe. 

For more news, please visit The Investor, an online and mobile app news source providing real-time commercial real estate news to asset buyers and sellers around the world.

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About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $5.2 billion and gross revenue of $6.0 billion, JLL has more than 280 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $59.1 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.

About Cohen Equities
Cohen Equities is a national real estate investment firm that pursues commercial assets that present an opportunity to add value in both suburban markets and central business districts. The company has successfully acquired and improved more than 7 million square feet of real estate across the United States. Led by Meir Cohen, a real estate veteran with more than 30 years of experience, Cohen Equities creates significant value through active management, leasing and repositioning activities. For more about Cohen Equities, please visit www.cohenequities.com.