Thor Equities Group has closed on the sale of its two-level corner retail property at 36 S. State Street in Chicago to Jenel Management Corp. for $26 million, company executives announced. The 18,800-square-foot retail property is fully leased to Verizon, T-Mobile and Blick Art Materials.
“After upgrading and improving its value in the market, we felt the time was right to sell this highly desirable asset located in the heart of the Chicago Loop,” said Joseph Sitt, chairman of Thor Equities Group.
Michael Marks of Cushman & Wakefield brokered the deal. Thor Equities purchased the entire 19-story building for $10.35 million in 2004, before selling the upper floors to a developer for conversion to residential condominiums.
The company continues to own a number of buildings in Chicago including 800 W. Fulton Market, 905 W. Fulton Market, 942 W. Fulton Market, 1003 W. Fulton Market and 1229 W. Randolph Street in the West Loop, as well as the Palmer House Hilton in downtown Chicago.