Thor Equities Sells Retail Space in Downtown Chicago

The buyer, Jenel Management Corp., paid $26 million for the two-story shopping center which is currently leased to Verizon, T-Mobile and Blick Art Materials.
36 S. State St.

Thor Equities has sold one of its retail spaces in downtown Chicago. The buyer, Jenel Management Corp., paid $26 million for the two-story shopping center located at the corner of South State and West Monroe streets. The 18,000 square-foot space has been recently upgraded and is fully leased to Verizon, T-Mobile and Blick Art Materials. Michael Marks, managing director with Cushman & Wakefield, brokered the deal.

The asset is part of a 19-story building at 36 S. State St., which Thor bought in 2004 for $10.4 million. The company then sold the upper floors to a developer to be converted into residential condominiums. The property faces a WeWork office at the Monroe entrance and is adjacent to CIBC Theatre. It is steps away from the CTA Red Line station on Monroe.

Thor owns a number of properties in downtown Chicago, including 800 W. Fulton Market, 942 W. Fulton Market, 1003 W. Fulton Market and 1229 W. Randolph Street. The company is preparing to deliver the 108,650 square-foot retail and office space at 905 W. Fulton Market, a Hartshorne Pluckard Architecture project.

Image via Google Street View