Prized retail space changes hands in Chicago

More than 50,000 square feet of retail space in Chicago's historic Palmolive Building, once the fabled headquarters of Playboy Enterprises, has sold to Michigan Avenue Retail LLC, an entity controlled by Ross Hilton Kemper as part of a private family trust.

The transaction was valued at approximately $57 million.

The storied Art Deco building, located on North Michigan Avenue in the tony shopping district famously known as the "Magnificent Mile," is home to such long-term, luxury retail tenants as Paris-based LVMH Moet Hennessy Louis Vuitton SA and Irvine Cal.-based St. John Knits International Inc.

Ross Hilton Kemper, of Beverly Hills, Calif., has a real estate investment history spanning more than 25 years.

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