Chicago (May 3, 2023) – SRS Real Estate Partners’ National Net Lease Group (NNLG) announced today it has completed the $2.8 million sale of a single-tenant retail property occupied by US Bank. Built in 1991, the 5,400-square-foot property is located at 2131 S. China Place in the Chinatown submarket of Chicago.
SRS NNLG’s Senior Vice Presidents Sean Lutz and Dan Elliot represented the seller, a California-based private investor. The buyer, a private investor from Chicago was represented by Zoe Zhu from Century 21. The closing cap rate was 4.6%.
“This highly visible, ideally located asset was a solid offering and provided zero landlord responsibilities for the new ownership,” said Lutz. “SRS marketed this opportunity and secured nine offers. We selected the strongest buyer and closed at $200,000 over the asking price.”
The tenant, US Bank, has more than nine years remaining on its corporate-guaranteed lease. The property is within Chinatown Square, a nearly 162,000-sf outdoor mall that offers authentic cuisines, stores and traditional artwork. It is also proximate to McCormick Place, North America’s largest convention center; Soldier Field; and Northerly Island Park.
In 2022, SRS’ Investment Properties Group (IPG) and National Net Lease Group (NNLG) completed more than $2.9 billion in deal volume comprised of 760 transactions in 48 states. SRS currently has in excess of 445 properties actively on the market with a market value surpassing $2.2 billion.
About SRS Real Estate Partners
Founded in 1986, SRS Real Estate Partners is building upon its retail foundation to provide extensive commercial real estate solutions to tenants, owners, and investors. Headquartered in Dallas, with more than 25 offices in the U.S., SRS has grown into one of the industry’s most influential and respected leaders. Our commitment to excellence is strengthened by our Guarantee of Value and our success is measured in the achievement of our clients’ objectives, satisfaction, and trust. For more information, please visit srsre.com.
SRS’ Investment Properties Group (IPG) & National Net Lease Group (NNLG) is a unified platform of seasoned net lease professionals located and transacting nationally with all underwriting and marketing efforts strategically located in Southern California. In 2022, the group completed more than 705 sales across 49 states and has over 160 brokerage professionals nationally. From proactive sales to targeted acquisitions and tailored debt and equity solutions, SRS’ National Net Lease Group offers comprehensive services to net lease owners and investors. Superior speed-to-market, world-class marketing materials, a deep investor database and unparalleled retail submarket intelligence from the entire SRS platform allow SRS’ National Net Lease Group to deliver the best possible returns. For more information, please visit srsre.com/national-net-lease-group.