Purchases Retail Condo on Historic South Michigan Avenue
Chicago, Illinois – August 18th, 2016 – Cohen Equities announced today that the company has purchased the retail portion of the condo tower at 310 South Michigan Avenue in Chicago from Zeller Realty Group. The purchase includes 14,456 square feet of ground-level retail space, about half of which was leased at the time of the purchase, and an additional 18,239 square feet of basement space. The retail space fronts Michigan Avenue and Jackson Boulevard.
“Retail has been shifting south over the past few years,” said Meir Cohen, Chairman and CEO of Cohen Equities, “and we feel that this asset is strategically located at the forefront of the Michigan Avenue transition.”
Completed in 1924, the 30-story Metropolitan Tower is known for its beehive top. The structure is located just west of Grant Park, near the Art Institute of Chicago and Buckingham Fountain.
Cohen Equities currently owns real estate in more than 25 states, including the Landings of Bolingbrook shopping center in the southwest Chicago-land suburbs, and plans to further explore opportunities in Chicago.
“For us, it’s more than a deal,” said Jonny Cohen of Cohen Equities, “It’s a demonstration of our belief in the Chicago marketplace’s fundamentals. We’re looking at three or four other assets in Chicago right now.”
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 secondary and gateway markets. The company has successfully invested in and improved more than 9 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 cohenequities.com.