Oak Street Prada Store in Gold Coast put up for Sale

New York-based J. Safra Real Estate, the owner of the retail building that houses Prada’s flagship storefront in Chicago, is putting the property up for sale.

The property features the international luxury brand in 11,000 square feet of retail space along the southern portion of the Gold Coast at 30 East Oak Street, the city’s premier high-end shopping district. Prada is flanked by a salon, 40 East Oak Vintage Apartments, athletic apparel brand Vuori and outdoor clothing and equipment shop Arc’teryx.

J. Safra hired Newmark to find a buyer for the building. 30 East Oak Street is expected to sell for around $30 million, according to Crain’s, who cites sources familiar with the property. Details on Prada’s lease, such as its duration and value, were not available ,according to the publication.

Oak Street is one of the few retail sections in Chicago not dealing with high vacancy rates, according to the outlet. The steady presence in the high-end corridor despite market headwinds has led several owners to test the selling waters. In April, L3 Capital hired CBRE to sell 1000 North Rush Street, a converted bank which now has a lease from Kim Kardashian’s Skims brand. L3 is reportedly snagging retail space in the base of the Palmolive Building as well, the space includes a Louis Vuitton store.

The price tag is solidified by nearby investments and redevelopment. New York-based MetLife is dropping $170 million to repurpose the Water Tower Place vertical mall.

There’s notable residential movement in the area as well. The Astor Court Estate was listed in April with a $21 million asking price. It immediately became the priciest active listing in Chicago. Astor Court Estate comprises six occupied residential units and can be converted back into a single-family home. 1336 North State Parkway is also on sale for $8.99 million. The sale price of the North State Parkway mansion is just under $1,000 per square foot.

— Hunter Cooke