Washington Capital Buys Mag Mile Retail Condo for $41M

Washington Capital Management acquired a Mag Mile retail condo at 500 North Michigan Avenue in Chicago for $41 million. The purchase covers a 21,565-square-foot, two-level retail space at the base of the 24-story building.

The seller, Commonwealth Development Partners, bought the full building last year for $5.1 million and is converting the office portion into 320 apartments. The retail space is fully leased, with tenants including Vans, Chick-fil-A, and Bank of America, though part of the retail area is being marketed for lease. The property carried a $76 million loan from Granite Point Mortgage Trust, which expected to take roughly a $30 million loss on the disposition.