Retail Investors Buy Gold Coast Theater for $176M
The investors behind Spanish clothing retailer Zara have purchased a former theater building in the Gold Coast for $176M. The building, at 58 E Oak St, was purchased by Ponte Gadea Chicago from the Don Wilson-led local trading firm DRW Trading Group. DRW renovated it into a retail space in 2011, Crain's reports. It now houses several high-end retailers, including Tom Ford, Fig & Olive and Louis Vuitton. Cushman & Wakefield brokered the transaction between DRW and Ponte Gadeo, a U.S. branch of Zara's parent company, Inditex, which is owned by Spanish billionaire Amancio Ortega. The theater, which sits on a tony stretch of Chicago's Near North Side just blocks from the lakefront, first opened in 1938 and operated as a movie house until 2006. [Crain's]
