Mid-America Real Estate Corporation has been retained on behalf of the owner to sell the 100% fee simple interest in The Heritage Shops at Millennium Park. The offering consists of a trophy urban street-retail property totaling 98,547 square feet. The property is located at the base of a 57-story luxury condominium building.
Ideally situated between Macy’s flagship State Street store to the west and Millennium Park/North Michigan Avenue to the east, the Property is within a short walk of the area’s amenities, including Millennium Park; State Street, Wabash Avenue, and Michigan Avenue retail corridors; Block 37; the Art Institute (1.8 million visitors annually); Orchestra Hall; the Theater District; all of the CTA rail lines; and the main Loop entrance to Metra’s Millennium Park Station just east of the Property, on Randolph Street in front of the Chicago Cultural Center.
Dynamic Tenant Mix
The property features creditworthy national retailers that are leadersin their respective categories, including LA Fitness, McDonald’s, Fifth Third Bank, Ann Taylor Loft, Lane Bryant/Cacique, Fannie May Candies, Intelligentsia Coffee, and Sugar Bliss Cake Boutique. Excellent sales performance by tenants validates the property as one of the premier retail locations in the Loop.
The center’s street level retail units have exceptional frontage along Randolph Street and Wabash Avenue, generating heavy pedestrian traffic. The center attracts additional foot traffic as part of the Chicago Pedway, a network of underground walkways, ground-level concourses, and overhead bridges connecting office buildings, retail stores, hotels, and train stations throughout more than 40 downtown blocks in the Chicago Loop.
In addition to the stable in-place income stream, the purchaser can add substantial value through the lease-up of the remaining vacant pedway space and vacant third floor office space. The property currently has 14,058 square feet available as well as 1,031 square feet of available storage space, or 15.3% of the total GLA.