Hunt Investment Management, Inc. has facilitated the acquisition of the Heritage Shops at Millennium Park, a 98,547-square-foot retail property in downtown Chicago one half block west of the Millennium Park and Michigan Avenue, for $46.5 million. The investment was made by a client account managed by Hunt Investment Management.
Located on the southeast corner of Wabash Avenue and Randolph Street at the base of a 57-story luxury residential condominium building, the three-level Class A retail space sits strategically between State Street and Michigan Avenue retail corridors in the East Loop. It features direct access to the underground Chicago Pedway System, connecting to a multitude of commuter train lines including the city’s red and blue line subway stations as well as the Metra Electric and South Shore lines. The property’s tenants include LA Fitness Signature Club, Lane Bryant, Ann Taylor Loft, McDonalds, Fannie May, and Sugar Bliss.
Steve Janowiak, Hunt Investment Management Senior Vice President, said: “This acquisition falls right in line with the client’s investment strategy. It is a prime trophy urban retail asset in a core-infill location, heavily trafficked by office workers, tourists, and residents. Ongoing development of nearby hotels and residential towers continues to expand the immediate neighborhood’s tourist draw and population base of high income earners. The transition of this area into a 24 hour neighborhood today has been quite exceptional.”
Hunt Investment Management has $1.4 billion in assets under management in private real estate equity funds and separate accounts invested across property types in the U.S. and Europe. An SEC-registered investment advisor, the firm is a subsidiary of Hunt Companies, Inc.
Founded in 1947, Hunt Companies, Inc. is today a holding company that invests in business focused in the real estate and infrastructure markets. The activities of Hunt’s affiliates and investees include investment management, mortgage banking, direct lending, loan servicing, asset management, property management, development, construction, consulting and advisory. The platforms employ more than 6,000 people and touch over $30 billion in assets.
For additional information about Hunt, please visit: www.huntcompanies.com.