Century 21 Acquires 5,400 SF Retail Property In Chicago's Chinatown For $2.8M

A 5,400-square-foot retail property occupied by US Bank in Chicago's Chinatown submarket has been sold for $2.8 million. The property, located at 2131 S. China Pl., is part of the Chinatown Square outdoor mall. It has over nine years remaining on its corporate-guaranteed lease and was sold for $200,000 above the asking price at a closing cap rate of 4.6%.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $2,800,000
• Market: Chicago
• Address: 2131 South China Place
• Square Footage: 5,400
• Price per Square Foot: $519

The sale was brokered by Sean Lutz and Dan Elliot from the National Net Lease Group at SRS Real Estate Partners. The buyer's representative was Zoe Zhu from Century 21. The property garnered significant interest and sold above the asking price, indicating the strong demand for retail properties in the Chinatown submarket.