Greenstone Partners is proud to announce the sale of The Shops at State Place, located at the northeast corner of South State Street and Roosevelt Road, in the heart of the city’s South Loop neighborhood and directly next to the CTA redline Roosevelt Station. The 62,000-rentable-square-foot property plus parking garage represents a rare opportunity to acquire an 85% leased, institutional quality asset.
The property features two co-anchors by strong national and regional tenants, Walgreens and Formula Fitness Club. The newly remodeled, next generation Walgreens store is positioned prominently on the corner with a new and distinctly different layout and design from traditional Walgreens stores. The redesign is meant to meet the changing shopping habits of city dwellers and on-the-go commuters, focusing on increased convenience and speed through digital pickup, pharmacy, and grab-and-go solutions. Formula Fitness Club occupies over 30,000 square feet and has been a staple at this location for more than 18 years. Additional tenants of the first-floor full block length retail include H&R Block, Kriser’s, European Wax Center, Furve Café, Impact Therapy and others. Included in the sale is a second-floor covered parking garage which is leased to LAZ. The garage is used by retail customers, residents, and visitors to the neighborhood.
The property sold for $11,500,000. Greenstone Partners’ Malek Abdulsamad represented the purchaser in the transaction, a private real estate investor. MidAmerica’s Joe Girardi represented the seller, IRC Retail Centers & DRA Advisors.
