Holliday Fenoglio Fowler, L.P. (HFF) announced the $16 million sale of a 13,062-square-foot urban retail parcel that is part of the historic Roanoke Tower at 11 S. LaSalle Street in the heart of Chicago’s financial district. The HFF team marketed the property on behalf of an affiliate of The Prime Group, Inc., a Chicago-based real estate development firm.
Originally constructed in 1915 and renovated in 2015, the 91-percent-occupied retail space is home to Citibank, Roanoke Restaurant, 7-Eleven and T-Mobile. The retail parcel is situated below the award-winning, 381-room Residence Inn Chicago Downtown/Loop hotel, the largest Residence Inn hotel in the world, which opened in September 2015.
Located at one of the most highly trafficked intersection in downtown Chicago, 11 South LaSalle sees an average of 28,500 pedestrians, 26,500 vehicles and 23,185 CTA bus passengers each day. The property’s dominant location in the Central Loop places it at the epicenter of a rapidly growing 24-hour live-work-play environment with mixed-use office, hotel and retail developments; high-end restaurants and food halls; thousands of multifamily residences and a densely populated daytime workforce population of 540,000.
The HFF investment advisory team representing the seller included senior directors Amy Sands and Clinton Mitchell.
