ASB Real Estate Investments announces the acquisition of 10 South State Street, a 55,000 square foot retail property in Chicago’s historic Loop neighborhood. ASB made the $60 million acquisition on behalf of its Allegiance Real Estate Fund, a $3.5 billion open-end core investment vehicle, in joint venture with Madison Capital. The seller was the Irish Bank Resolution Corporation.
The three-level, two-story above grade building is located at the intersection of Madison and South State Street, directly across from a new “urban” City Target store. The property features 158 feet of frontage on South State Street, prominent signage and 19,000 square feet of prime land along one of the most successful shopping districts in the United States. It is directly adjacent to the red line of the “L” train with over 20,000 daily pedestrian counts from residents, business professionals and tourist shoppers. 10 South State Street is currently 100% leased to three national tenants: Urban Outfitters, Forever 21 and Office Depot.
Robert Bellinger, President and CEO of ASB Real Estate Investments, said: “10 South State provides us an opportunity to purchase a high-quality, institutional-grade retail asset in a premier, Class-A retail location, adding to our successful portfolio of high-street retail properties across the U.S. We believe tenant demand remains strong and the corner of State and Madison Streets will continue to draw the attention of national retailers looking for high-traffic count locations.”