Downtown Islamic Center Purchases 213-227 South State Street Retail Property For $2.8M

A vacant retail building located at 213-227 South State Street in Chicago has been sold. The property encompasses 112,495 square feet and was sold at a price of $2,800,000, equating to a price per square foot of $25. The previous mortgage on the property was $18.3 million prior to its acquisition by the buyer through a deed in lieu of foreclosure.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $2,800,000
• Address: 213-227 South State Street
• Market: Chicago
• Square Footage: 112,495
• Price per Square Foot: $25
• Buyer: Downtown Islamic Center
• Seller: Calmwater Capital
• Buyer's Representative: Ross Modjeska - McCaffery Interests
• Seller's Representatives: Chad Schroedl & Scott Maesel - SVN Chicago Commercial
• Current Retail Vacancy Rate in Central Loop: 26%

The transaction was facilitated by Ross Modjeska representing the Downtown Islamic Center, while the seller, Calmwater Capital, was represented by Chad Schroedl and Scott Maesel from SVN Chicago Commercial. This purchase came as a strategic move by the buyer to take advantage of distressed market conditions, particularly given the significant retail vacancy rate in the area.