Pebblebrook Hotel Trust has recently completed the sale of its Marina City retail space and two adjacent parking facilities for a total of $30 million. The buyer, Sperry Equities, a real estate investment firm based in Irvine, California, acquired approximately 146,000 square feet of retail space and two parking lots with a combined capacity of 900 spaces.
The properties are located near various upscale dining options and popular retail tenants. JLL brokers Adam McGaughy and John Nugent were hired by Pebblebrook earlier this year to market the Hotel Chicago Downtown at 333 North Dearborn Street as well as the historic Marina City towers’ retail and parking portions.
In 2018, Pebblebrook gained ownership of these assets along with the Westin Michigan Avenue property through its acquisition of LaSalle Hotel Properties in a merger deal worth $5.2 billion. This recent transaction marks another successful move for Pebblebrook’s portfolio management strategy.
The article “Pebblebrook Sells Marina City Retail Space for $30M” was originally published on Connect CRE website.
