CHICAGO—ASB Real Estate Investments has just purchased 10 S. State St. for $60 million, company officials said. The three-level, two-story building sits at the intersection of State St. and Madison St., making it one of the premier retail spaces in downtown Chicago. The Washington, DC-based ASB made the acquisition on behalf of its Allegiance Real Estate Fund, an investment vehicle it manages, in joint venture with Madison Capital. The seller was the Irish Bank Resolution Corporation.
Urban Outfitters, Forever 21 and Office Depot currently rent 100% of the 55,000-square-foot property, which features 158 feet of frontage on State St. and 19,000-square-feet of land. It is also sits next to a stop on the subway's red line heavily used by residents, commuters, tourists and shoppers.
“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 US,” said Robert Bellinger, president and chief executive officer of ASB. “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.”
Over the past 18 months, ASB has purchased $1.2 billion in properties in major US cities, including $700 million of similar high street retail assets. The firm has also bought a number of other Chicago investments including 15 E. Oak, a retail property in the Gold Coast, and Elaine Place, a 174-unit residential portfolio in Lakeview.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
