Columbia Sportswear likes Chicago's Magnificent Mile.Grosvenor, the international property development, investment and fund management group, has leased 11,175 s/f of retail space on Chicago's "Magnificent Mile The Magnificent Mile is the portion of Michigan Avenue in Chicago, Illinois extending from the Chicago River to Oak Street in Near North Side community area.[1] " to Columbia Sportswear Columbia Sportswear Company NASDAQ: COLM is a United States company that manufactures and distributes outerwear and sportswear. Founded in 1938 by the late Paul Lamfrom, father of present chairperson Gert Boyle, the company is headquartered in Portland, Oregon. Company, a global leader in the active outdoor apparel and footwear industries. The two-story store will open in mid-2009 in Grosvenor's 125,000 square foot retail property at 830 North Michigan Avenue. Other tenants in the building are Filene's Basement Filene's Basement, also called The Basement, is a Massachusetts-based chain of department stores owned by Retail Ventures, Inc. The oldest off-price retailer in the United States, The Basement , Borders, and Ghirardelli Chocolates. Grosvenor was represented in the transaction by Stanley Nitzberg of Mid-Ameica Real Estate. Victor Fandel of Fandel Retail Group represented the tenant. Founded in 1938 as a small family-owned hat distributorship, Columbia is now one of the world's largest outerwear brands and the leading seller of skiwear ski·wear n. Clothing appropriate for various types of skiing. in the United States, with 2007 net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight of nearly $1.4 billion. 830 Michigan Avenue will become an important addition to Columbia's growing network of branded stores in key U.S. metropolitan market. "Columbia Sportwear is the perfect match for this premier location at the center of Chicago's Magnificent Mile," said Tom Ohlson, senior vice president, Grosvenor. "It will be a fresh new face on the Magnificent Mile, with a highly visible location just across the street from Chicago's famed Water Tower Place, a major gathering area for tourists and locals alike." Columbia will replace the current Victoria's Secret store, which is expanding to a larger space on Michigan Avenue. "Opening a store in Chicago is part of our strategy to elevate the retail presentation of Columbia's complementary outdoor brands and drive consumer demand for our broad assortment of performance outdoor apparel, footwear, accessories and equipment," said Kerry Barnes, Vice President of Retail, Columbia Sportswear Company. Built in 1908 and renovated in 1995, 830 Michigan Avenue was acquired by Grosvenor in 1992. It is one of four retail properties with a total of over 576,000 square feet of space owned by Grosvenor in the Chicago metropolitan area “Chicagoland” redirects here. For for the racing venue, see Chicagoland Speedway. The Chicago metropolitan area is the metropolitan area associated with the city of Chicago in the United States. . The others are 701 North Michigan Avenue on the Magnificent Mile, Rice Lake Square in Wheaton, and Church Street Plaza in Evanston. Grosvenor is an international group of property businesses with total assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. of $25.7 billion as of December 31, 2007. |
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