This piece originally appeared in the May/June issue of BID Magazine, spotlighting Chicago. For additional Chicago market insights and updates, download your free digital copy here!
The 199,683-square-foot North Avenue Collection, located less than three miles from Chicago’s downtown, has sold for $20.96M in a Ten-X auction event.
This mixed-use retail and office development had been previously purchased in late 2004 by an affiliate of Principal Life Insurance. Now, nearly 20 years later, amid difficult market conditions including large retail vacancies, rising interest rates, and low investment sales, Principal opted for the speed and certainty of online auctions to put this property back on the market.
This property attracted numerous interested buyers, with 21 total bids placed during the auction. The winning bid of $20.96M was placed by Farpoint Development and MCZ Development Group. Farpoint has been actively seeking buying opportunities as retail prices have declined and acquired this property for less than a quarter of its previous sale price.
North Avenue Collection is 55% leased overall, with the largest tenants being a 53,731-square-foot Fitness Formula Club health club and a 13,108-square-foot Regus coworking space.
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