LNR Partners Acquires Retail Space At 17 East Monroe Street In Chicago For $29.5M

The Palmer House Hilton hotel retail space located at 17 East Monroe Street in Chicago was sold to LNR Partners for $29.5 million in a sheriff's sale. This transaction highlights the impact of the pandemic on downtown Chicago's retail property values and the rising interest rates. The property's market value was affected by these factors, prompting Thor Equities to sell the asset.

Summary of transaction details

• Property Type: Retail
• Transaction Amount: $29,500,000
• Address: 17 East Monroe Street
• Market: Chicago

LNR Partners, represented by Adam Behlman, acquired the Palmer House Hilton hotel retail space from Thor Equities, represented by Joe Sitt. Aside from this sale, Thor Equities is currently facing a $338 million foreclosure lawsuit related to the hotel. The legal proceedings are further complicated by disputes over an "annex" property. The sale of the retail space provides insights into the challenges faced by Thor Equities amidst the legal disputes and financial difficulties.