The Shops At State Place Sells At Auction For $11.5M, Buyer: Undisclosed
1103 South State Street & 1155 South State Street
$11,500,000
Building Size
—
Asset Type
Retail
Closing
Oct 5, 2023
About this deal
AI
The Shops at State Place, a retail property located at 1103-1155 South State Street in Chicago, was recently sold at auction for $11.5 million. The sale price reflects a 23% decrease from its previous sale in 2016, highlighting the challenges faced by the retail sector.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $11,500,000
- Seller: DRA Advisors - David Luski
DRA Advisors, led by David Luski, was the seller of The Shops at State Place. The auctioned property, situated on Chicago's State Street, showcases the ongoing struggles that retailers are encountering in the current market.
Players
Chicago Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.38%
Cash-on-Cash
-0.39%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93