Landlord Of Apple’s ‘Most Ambitious Store’ In Chicago To Sell It For Around $170 Million

With the declining prices of certain commercial buildings in the U.S. due to the rise of popularity of online shopping, landowners are starting to sell the property while their value is still high. This is the case with the owner of the Chicago Apple Store on Michigan Avenue deciding to sell the property, which could fetch a price of $170 million.

First to report the landlord’s decision to put the property up for sale is The Wall Street Journal, indicating that what Apple Inc. previously touted as its “most ambitious store” is now up for grabs. This decision will put the current retail climate to the test, with so many malls and convenience stores losing real estate value.

On that note, this is Apple and the company is known for not only boosting the property value of any real estate it builds its stores on, it does the same to all the other properties in the surrounding area. A huge reason for this is the huge level of foot traffic that such stores inevitably attract, especially when there’s a new iPhone coming out. People practically line up around the block.

According to the people who are familiar with the arrangement, the sale can either include the Apple store as an individual purchase or as a package deal that could cover 11,000 square foot of office space, the Chicago Tribune notes. This would put the value at a base price of $170 million, though, it could also go up to $175 million.

As for Apple, the company is not overly concerned about these developments. The iPhone maker is confident with its stores’ ability to draw a crowd, which can only increase the value of the property that it is standing on. This also gives the company leverage when negotiating rent prices.