Merchandise Mart Properties, Inc., a subsidiary of Vornado Realty Trust, completed the sale of the Shops at the Mart for $228 million to Shorenstein Properties on behalf of its Shorenstein Realty Investors Ten LP fund. According to a CoStar report, the building park sale equals roughly $188 per square foot; Vornado previously purchased the property in 1998 for $77.6 million.
Commenting on the purchase of 350 West Mart, Shorenstein Properties' CEO Douglas Shorenstein said: "This is a well located asset with a floorplate and infrastructure that appeals to technology, creative use and financial tenants choosing to locate in major 24-hour cities such as Chicago."
The Shops at the Mart is located on two floors of the Merchandise Mart in Chicago, Illinois with high-end boutiques and lunch spots dominate the face of the mall. The Shops originally opened in September 1991, anchored by Carson Pirie Scott & Co. and The Limited. The property covers more than 1.2 million square feet of space in two adjoining 13-story towers and a long-term lease to the 521-room Holiday Inn Mart Plaza.
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