Less than a year after securing a trio of high-end tenants for a Gold Coast retail space, Fred Latsko is putting the property on the market.
The Chicago developer tapped Newmark brokers to sell the 4,200-square-foot building at 900 North Rush Street, which sits at the base of a 17-story condo tower at 40 East Delaware Place, CoStar reported.
The space is fully leased to international fashion brands: California-based Rails, Danish label Ganni and Toronto jeweler Mejuri. The leases, announced late last year, marked a notable reactivation of a former Intermix boutique in one of Chicago’s priciest retail corridors.
Latsko declined to disclose an asking price, but a Newmark marketing brochure shows the tenants have a weighted average lease term of nearly 10 years and collectively generate more than $1.5 million in annual net operating income, the outlet reported. The offering is being marketed by brokers Keely Polczynski, Conor Lalor, Kyle Minter, Brian Schneiderman, Eric Williams and Mat Adler.
Persistently high borrowing costs have kept many investors sidelined. But the property’s timing could benefit from renewed leasing momentum across Rush, Oak and Walton streets, where brands including Kith, Skims, Cartier and Brandy Melville have recently taken space.
Ganni’s deal at 900 North Rush marked the brand’s first Midwest location, while Latsko has also drawn Bottega Veneta to his nearby property at 41 East Oak Street. He refinanced that building, along with 900 North Rush and two others nearby, with a $34 million loan from JDI Realty in 2023 — less than a previous $43.6 million Loancore loan.
Latsko’s latest listing adds to a small but active pool of Gold Coast retail trades, where strong tenant rosters have helped sellers push through interest-rate headwinds.
Institutional capital has largely retreated from the market, but long-term investors seeking trophy retail exposure continue to hunt in Chicago’s luxury shopping areas.
— Eric Weilbacher
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