Chicago Retail Space Gets $25M

CHICAGO-BlackRock Realty has paid $25 million for the 61,796-sf Shops at State Place and a 156-space garage at the base of a 243-unit condominium building. A joint venture that included Canyon Johnson Urban Funds, Mesirow Financial Real Estate, Near North Properties and Northern Realty Group sold the retail portion of the project 85% leased.

All but eight of the condominiums at State Place, which replaced the former Chicago Police Department headquarters in the 1100 block of South State Street, have been sold. “The Shops at State Place will have a positive effect on this diverse community for many years to come,” says former NBA star Earvin Johnson, a partner in Canyon Johnson Urban Funds. “We’re confident that this will stimulate more positive development in the area and enhance the community’s overall value. That’s what Canyon Johnson is all about.”

A CB Richard Ellis team of George Good, Rich Frolik, Robert Mahoney and Bill Wright represented the sellers.