The Retail and Parking at Marina City in Chicago trades for $30M
JLL Capital Markets led the sales efforts for the 145,963-square-foot complex along the Chicago Riverwalk
CHICAGO, Jan. 4, 2023 – JLL Capital Markets announced today that it has completed the $30 million sale of The Retail and Parking at Marina City, a 146,000-square-foot retail, dining and entertainment complex with structured parking along the Chicago Riverwalk.
JLL represented the seller, Pebblebrook Hotel Trust, in the sale of the property to Sperry Equities.
The Retail and Parking at Marina City is located at 333 N. Dearborn St. in the heart of Chicago’s River North neighborhood and directly on the Chicago Riverwalk. The property is close to many of the city’s demand drivers, including the Magnificent Mile shopping corridor, Millennium Park, Navy Pier, Museum Campus, and Soldier Field.
Designed in 1958 by architect Bertrand Goldberg, The Retail and Parking at Marina City was designed as a “city within a city” and has been a popular destination for locals and tourists. It sits at the base of two condominium buildings, with the 450-space parking garage occupying the first 19 floors of each tower. Prominent retail tenants include Smith & Wollensky, Legal Sea Foods, Yolk, Spin, 10Pin, Tortoise Supper Club and Jefferson Beach Yacht Sales.
The JLL Investment Sales and Advisory team representing the seller was led by Michael Nieder, Keely Polczynski and John Dettlaff.
Sperry Equities led the negotiations for the acquisition and will asset manage the Retail and Parking at Marina City on behalf of their investor, a foundation in which Rand Sperry is a trustee.
According to JLL’s Q3 2023 Retail Outlook, retail continues to be a highly attractive asset class with strong underlying fundamentals. Retail real estate is experiencing a significant shortage of available space, with the availability rate below historical averages, which should bode well for pricing and rents going forward.
“The Retail and Parking at Marina City is an iconic destination on Chicago’s Riverwalk and one of the premier dining and entertainment assets in the city of Chicago,” Nieder said. “The offering was highly sought after by various capital sources and offers upside through vacant lease-up while benefitting from significant on-site demand drivers including Hotel Chicago, The House of Blues and the Marina City Condominium Association.”
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 investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Pebblebrook Hotel Trust
Pebblebrook Hotel Trust is a publicly traded real estate investment trust (“REIT”) that opportunistically acquires and invests in upper upscale, full service hotel and resort properties located in or near urban markets in major United States gateway cities.
About Sperry Equities
Sperry Equities was formed in 1998 by Burton Young, Rand Sperry and Jack Carroll. As a private real estate firm, Sperry Equities' focus is to invest in office, industrial, retail and apartment sectors throughout the United States.