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
96 months ago
Any reason Apple shouldn't just buy it?
Score: 6 Votes (Like | Disagree)
5105973 Avatar
96 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
96 months ago
Wouldn’t surprise me if Samsung bought it
Score: 4 Votes (Like | Disagree)
AngerDanger Avatar
96 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
96 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
96 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

ios 19 messages app

Apple Sues Jon Prosser Over iOS 26 Leaks

Thursday July 17, 2025 8:40 pm PDT by
Earlier this year, YouTuber Jon Prosser shared multiple videos showing off what he claimed to be re-created renderings of what was then presumed to be called iOS 19 and which was eventually unveiled by Apple as iOS 26 at WWDC in June. In his first video back in January, Prosser showed off a Camera app redesign with a simpler set of buttons for moving between photo and video modes, and he...
iOS 26 on Three iPhones

Here's When to Expect the iOS 26 Public Beta

Tuesday July 15, 2025 11:07 am PDT by
Apple previously announced that a public beta of iOS 26 would be available in July, and now a more specific timeframe has surfaced. Bloomberg's Mark Gurman today said that Apple's public betas should be released on or around Wednesday, July 23. In other words, expect the public betas of iOS 26, iPadOS 26, macOS 26, and more to be available at some point next week. Apple will be releasing...
iPhone 17 Colors

All 15 New iPhone 17 and iPhone 17 Pro Colors Revealed in Latest Leak

Wednesday July 16, 2025 6:50 am PDT by
We may finally have a definitive list of all color options for the iPhone 17 series, ahead of the devices launching in September. MacRumors concept In a report for Macworld today, Filipe Espósito said he obtained an "internal document" that allegedly reveals all of the color options for the upcoming iPhone 17, iPhone 17 Air, iPhone 17 Pro, and iPhone 17 Pro Max models. The report includes ...
iPhone 17 Pro Dark Blue and Orange

Ranked: The Best Features Rumored for the iPhone 17 Lineup

Wednesday July 16, 2025 4:17 pm PDT by
We have just under two months to go until the debut of Apple's iPhone 17 models, and rumors have been ramping up in recent weeks. We went through everything we know so far, pulling out the most exciting rumors and highlighting some other changes that aren't going to be so great. Top Tier Ultra Thin iPhone 17 Air - The iPhone 17 Air is 2025's most exciting iPhone rumor, because it's the...
Foldable iPhone 2023 Feature Homescreen

Foldable iPhone's Thickness and Price Range Detailed in New Reports

Wednesday July 16, 2025 11:31 am PDT by
Apple's long-rumored foldable iPhone will likely have a starting price between $1,800 and $2,000 in the U.S., analysts at investment banking firm UBS said this week. If so, the foldable iPhone would cost more than a MacBook Pro, which starts at $1,599. With a starting price of at least $1,800, the foldable iPhone would be the most expensive iPhone model ever released, topping the Pro Max at...
iPhone 17 Pro in Hand Feature Lowgo

iPhone 17 Pro Coming Soon With These 16 New Features

Friday July 11, 2025 12:40 pm PDT by
Apple's next-generation iPhone 17 Pro and iPhone 17 Pro Max are only two months away, and there are plenty of rumors about the devices. Below, we recap key changes rumored for the iPhone 17 Pro models. Latest Rumors These rumors surfaced in June and July:A redesigned Dynamic Island: It has been rumored that all iPhone 17 models will have a redesigned Dynamic Island interface — it might ...
Apple Watch Ultra 2 Complications

Apple Watch Ultra 3: What to Expect

Sunday July 13, 2025 10:30 am PDT by
The long wait for an Apple Watch Ultra 3 is nearly over, and a handful of new features and changes have been rumored for the device. Below, we recap what to expect from the Apple Watch Ultra 3:Satellite connectivity for sending and receiving text messages when Wi-Fi and cellular coverage is unavailable 5G support, up from LTE on the Apple Watch Ultra 2 Likely a wide-angle OLED display that ...
Apple Hornsby

Apple Store Near Sydney Permanently Closing Later This Year

Monday July 14, 2025 6:14 pm PDT by
Apple today said its store at the Westfield Hornsby shopping mall, in Hornsby, Australia, will be permanently closing in October. Apple Hornsby In a statement shared with Australian tech news website EFTM (via Reddit), Apple said that it has decided not to renew its lease at Westfield Hornsby. Apple said all affected retail employees will be given the opportunity to work at Apple's nearby...