Allegiance Real Estate Fund, a USD3.5 billion open-end core investment joint venture between ASB Real Estate Fund and Madison Capital, has acquired 10 South State Street, a 55,000 square foot retail property in Chicago, for USD60 million.
The seller was the Irish Bank Resolution Corporation.
The three-level, two-storey above grade building is located in Chicago’s historic Loop neighbourhood. 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 US.
10 South State Street is currently 100 per cent leased to three national tenants: Urban Outfitters, Forever 21 and Office Depot.
Robert Bellinger, president and CEO of ASB Real Estate Investments, says: “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. 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 USD1.2 billion in properties located in major US cities, including USD700 million in high street retail assets. The firm also owns a number of Chicago investments including 15 E Oak, a high-street retail investment in the Gold Coast, and Elaine Place, a 174-unit residential portfolio in Lakeview.