The Chicago landlord that owns the building where Apple's new flagship Michigan Avenue Store is located has put it up for sale, according to The Wall Street Journal.

Walton Street Capital purchased the 20,000-square-foot Apple Store, a 35-story office building, and a retail building next door for $370 million in 2017, and is now planning to sell the store and 10,000 square feet of retail space for $175 million while holding on to the office building.

applemichiganavenue
Demand for retail space is declining due to the decreasing value of malls and shopping centers as consumers turn to online shopping, but according to The Wall Street Journal, Apple Stores are the "gold standard in the retail world" because of the high foot traffic they attract to nearby locations.

A report by Green Street Advisors in 2016 found that average sales for 220 malls with Apple Stores came to $710 per square foot, compared with $630 per square foot for malls without Apple Stores. The study was based on a database that covered about 1,400 properties.

When the Apple Store sells to a new buyer, Apple doesn't have to worry about rent. Apple is well aware that its stores attract a high number of customers and it uses that as leverage to get lower rent rates. Apple is paying rent that's "well below" the average $400 to $500 charged per square foot for nearby Michigan Avenue retail space.

Apple's Michigan Avenue store is located right alongside the Chicago River, and its construction was an ambitious project for the company. It includes 32-foot glass facades and an enormous 111-by-98 foot carbon fiber roof. Like most of Apple's modern stores, it includes indoor trees, a dedicated seating area for Today at Apple sessions, a Genius Grove for getting help with products, and an area where customers can view and try Apple devices and related accesories.

Designed by longtime partner Foster + Partners, the store is meant to pay homage to Chicago's iconic Prairie Style homes designed by architect Frank Lloyd Wright.

Top Rated Comments

gaximus Avatar
98 months ago
Any reason Apple shouldn't just buy it?
Score: 6 Votes (Like | Disagree)
5105973 Avatar
98 months ago
Okay time to rummage around in the sofa cushions and see what I can come up with.
Score: 6 Votes (Like | Disagree)
venusboy Avatar
98 months ago
Wouldn’t surprise me if Samsung bought it
Score: 4 Votes (Like | Disagree)
AngerDanger Avatar
98 months ago
Okay time to rummage around in the sofa cushions and see what I can come up with.
I can pitch in a few bucks. But if you don't want me to have majority control, I could always scale back my investment a bit.
Score: 4 Votes (Like | Disagree)
Return Zero Avatar
98 months ago
$400-$500 per sf average retail space rent in that area!!! Holy $#!7, no wonder retail is losing ground to the internet.
Score: 3 Votes (Like | Disagree)
ChrisA Avatar
98 months ago
Any reason Apple shouldn't just buy it?
You are asking why Apple does not invest in real estate. Because Apple can get a better return of it's money by investing product development.
Score: 2 Votes (Like | Disagree)

Popular Stories

Tim Cook Rainbow

Apple Event in October? Here's What to Expect

Monday September 29, 2025 9:31 am PDT by
Apple's annual iPhone event is in the rearview mirror, but rumors suggest the company plans to release a handful of additional products before the year ends. Will there be another Apple event this October? We discuss the possibility below. Apple in October Apple's most recent October events were in 2021 and 2023. In 2022 and 2024, Apple did not host an October event. Instead, it...
apple wallet drivers license feature iPhone 15 pro teal 1

Apple's iPhone Driver's License Feature Now Available in 11 U.S. States

Tuesday September 30, 2025 6:40 am PDT by
In select U.S. states, residents can add their driver's license or state ID to the Wallet app on the iPhone and Apple Watch, providing a convenient and contactless way to display proof of identity or age at select airports and businesses, and in select apps. Apple recently revealed that the feature would soon be available in North Dakota, and starting today, the feature has officially gone...
maxresdefault

New iPad Pro With M5 Chip Leaked in Unboxing Video

Tuesday September 30, 2025 8:39 am PDT by
An apparent unboxing video for an unannounced iPad Pro with the M5 chip was uploaded to YouTube today by Russian channel Wylsacom. The same YouTube account leaked the 14-inch MacBook Pro with the M4 chip before it was announced by Apple last year, so this is likely a legitimate leak. Based on the box shown in the video, this appears to be a 13-inch iPad Pro with an M5 chip, 256GB of...
space black mbp

Here's Every New Apple Product That Leaked Yesterday

Wednesday October 1, 2025 8:27 am PDT by
A handful of upcoming Apple products leaked yesterday, through a combination of YouTube videos out of Russia and U.S. Federal Communications Commission (FCC) documents that were released, despite Apple's confidentiality requests. The leaked products include an iPad Pro with an M5 chip, as well as updated MacBook Pro and Apple Vision Pro models. All of these devices had already been rumored...
fcc vision pro leak

FCC Accidentally Leaks Apple's Next Vision Pro

Tuesday September 30, 2025 3:48 pm PDT by
The United States Federal Communications Commission (FCC) has seemingly confirmed Apple's work on an updated version of the Vision Pro headset. One of several documents the FCC shared today references an Apple-designed "Head Mounted Device" with a model number of A3416. An included image confirms the device is a Vision Pro. The FCC's uploads are transmission tests, SAR test reports, and...
iOS 26

Apple Releases iOS 26.0.1 With Fixes for Wi-Fi, Cellular, and Camera Issues on iPhone 17 Models

Monday September 29, 2025 10:12 am PDT by
Apple today released iOS 26.0.1 and iPadOS 26.0.1, the first updates to the iOS 26 and iPadOS 26 operating systems that came out earlier this week. The new software can be downloaded on eligible iPhones and iPads over-the-air by going to Settings > General > Software Update. According to Apple's release notes for the update, iOS 26.0.1 addresses a bug that could cause aberrations in...
macbook pro prime day 2025

FCC Leaks Upcoming MacBook Pro and More

Tuesday September 30, 2025 1:58 pm PDT by
The United States Federal Communications Commission has confirmed Apple's work on a new version of the MacBook Pro and several other products, leaking details on the devices ahead of launch. The FCC published documents that reference model numbers that do not correspond with existing devices. A3434, for example, references an unreleased MacBook Pro, while other numbers are likely for...
Apple MacBook Pro M4 hero

New MacBook Pro Nears Mass Production, But Four Bigger Upgrades Expected Next Year

Sunday September 28, 2025 2:08 pm PDT by
Apple's next MacBook Pro models will enter mass production soon, according to the latest information shared by Bloomberg's Mark Gurman. In his Power On newsletter today, Gurman said he continues to believe the new MacBook Pro models will be released at some point between late 2025 and the first quarter of 2026, meaning they should be available to order by March at the latest. Apple often...
iOS 26

Apple Continues to Prepare iOS 26.0.1 With Multiple Bug Fixes Expected

Sunday September 28, 2025 1:30 pm PDT by
Apple is preparing to release iOS 26.0.1, according to a private account on X with a proven track record of sharing information about future iOS versions. The account initially said iOS 26.0.1 would have a build number of 23A350, but they now expect the update to have a build number of 23A355. This suggests that the software update will include more bug fixes or changes than initially...
Home Hub Command Center with Dome Base Feature

Apple Working on All-New Operating System

Thursday September 25, 2025 1:11 pm PDT by
Apple is developing an all-new operating system codenamed "Charismatic," according to Bloomberg's Mark Gurman. Apple smart home hub concept based on rumors This is likely Apple's long-rumored "homeOS" operating system. In a report last month, Gurman said both Apple's rumored smart home hub in 2026 and tabletop robot in 2027 will run the new operating system. He said the software platform ...