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high-end Italian family, linked to the Max Mara fashion brand, has acquired a luxury retail property on Chicago's prestigious Oak Street. The 5,000-square-foot building, leased to Bottega Veneta, sold for over $17 million, or approximately $3,400 per square foot. This purchase further solidifies Oak Street as Chicago's dominant retail corridor, with high-end tenants flocking to the area in recent years.

    The seller was Fred Latsko, a prominent Gold Coast retail property magnate, who had previously leased the space to Parisian leather goods maker Maison Goyard. However, a lawsuit between Latsko and Goyard led to a 10-year lease being terminated. Bottega Veneta has since agreed to move into the space, replacing Goyard.

    The sale follows a string of high-profile retail and office purchases in Chicago, including a $35 million deal for the Timeout Market food hall property in Fulton Market by another Italian family tied to the Campari Group. The Oak Street property traded at a cap rate of just over 5 percent, indicating that Bottega's rent provides significant annual income to the landlord.

    The buyer, linked to Max Mara CEO Luigi Maramotti, beat out other bidders, including the family office of late Spanish billionaire Isak Andic and Japanese cellphone billionaire Yasumitsu Shigeta. The purchase is the latest instance of Chicago's top retail properties attracting foreign buyers.