Newmark Arranges $41 Million Sale of Prime Michigan Avenue Retail Space in Chicago

April 9, 2026 9:00 AM

Newmark announces the Company has arranged the $41 million sale of the retail portion of 500 North Michigan Avenue, a premier high street asset located along Chicago's iconic Magnificent Mile.

Newmark Senior Managing Director Keely Polczynski represented the seller in the transaction. The buyer is a private investor.

The approximately 21,565-square-foot retail space is fully leased to a roster of nationally recognized tenants, including Bank of America, Chick-fil-A and Vans, and traded at a cap rate of 5.93%.

"Opportunities to acquire scale on Michigan Avenue are exceptionally rare, particularly with investment-grade tenancy already in place," said Polczynski. "This transaction reflects continued investor conviction in irreplaceable high street retail, where long-term fundamentals are supported by dense demographics, tourism and limited supply."

Positioned along one of the world's most recognized retail corridors, 500 North Michigan Avenue benefits from exceptional visibility and foot traffic within a tightly constrained five-block stretch of the Magnificent Mile. The offering presented a generational opportunity to acquire institutional-quality real estate in a location where assets seldom come to market

According to Newmark Research, investor demand for high street retail remains concentrated in top-tier urban corridors, where limited availability, tourism drivers and strong tenant credit continue to support pricing and liquidity. As capital selectively returns to retail, assets offering scale, credit tenancy and irreplaceable locations are attracting heightened interest from both institutional and private investors.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended December 31, 2025, Newmark generated revenues of nearly $3.3 billion. As of December 31, 2025, Newmark and its business partners together operated from approximately 175 offices with over 9,300 professionals across four continents. To learn more, visit nmrk.com or follow @newmark.

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