Marcus & Millichap Brokers $9.1M Sale of Chicago Retail Asset

The 27,780-square-foot property, which is located in one of the highest barriers to entry submarkets in the city, underwent complete renovation in 2007.
114 State St.

Marcus & Millichap has brokered the sale of a 27,780-square-foot retail asset located on Chicago’s State Street historical retail corridor. The transaction was a 1031-exchange and closed at $9.1 million. Austin Weisenbeck and Sean Sharko, senior vice presidents of investments, together with Associate Joseph Bono, marketed the property on behalf of the seller and represented the buyer, a venture of North American Real Estate, according to state records.  

The retail asset is located at 114 S. State St. and underwent complete renovations in 2007. Ulta Beauty fully occupied the building until 2016, when it permanently closed the store. At the time of sale, the property was entirely empty. The retail asset can be accessed via the Metra Station on Monroe St. and sits across from a Subway restaurant.

In the fall of 2018, NARE, which mainly invests in suburban shopping centers, paid $20 million for Woodgrove Festival, a 157,276 square-foot retail property in Woodridge, Ill.

Image courtesy of Marcus & Millichap