Building with Lululemon’s new flagship store sells for $32M

New York-based Feil Organization paid about $1,000 psf for the space

Oct.October 25, 2019 03:30 PM
Jeffrey Feil, 938 W. North Avenue (Credit: Getty Images and Google Maps)

Jeffrey Feil, 938 W. North Avenue (Credit: Getty Images and Google Maps)

A nearly 32,000-square-foot Lincoln Park retail building containing activewear giant Lululemon’s new flagship store sold for $32 million, according to the Cook County Recorder of Deeds.

New York-based Feil Organization acquired 938 W. North Ave. from Acadia Realty Trust in September, shortly after the more than 26,000-square-foot Lululemon store opened in July.

The Lincoln Park location is Lululemon’s biggest store to date, with workout studios, a meditation space and a restaurant in addition to the retail area. The company has said it plans to duplicate this “experiential” model in some of its other stores, CNBC reported.

Lululemon owns and operates more than 440 retail stores around the world, including nearly 300 in the U.S., according to the company’s 2018 annual report.

Acadia and its venture partner, New York-based Jenel Management, paid about $20 million for the building in 2013, Crain’s previously reported.

The building’s other tenant, Sephora, occupies about 5,400 square feet in the building. The space that Lululemon now calls home was previously leased by Restoration Hardware and Z Gallerie. In all, Feil paid about $1,000 a foot for the property.

Acadia and Feil didn’t respond to requests for comment.

CBRE’s Keely Polczynski represented Acadia in the most recent sale.

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