CHICAGO, May 31, 2016 – Cushman & Wakefield has represented Eleven Hundred, LLC (Principals David Pisor and Jim Lasky) in the $53.2 million sale of a retail property at 1100 N. State St., in the heart of Chicago’s Gold Coast neighborhood. The Ohio State Teachers Retirement System acquired the fully leased property.
The sale was led by Cushman & Wakefield Senior Director Michael Marks, and Trisha Connolly of Cushman & Wakefield’s Equity, Debt & Structured Finance group provided financial advisory services for the transaction.
“Cushman & Wakefield executed on this off-market transaction, vetting a qualified pool of buyers,” said Mr. Pisor. “We made a significant commitment to this property, and we couldn’t be more pleased with the management, financing and leasing efforts that led to the sale of this premier asset.”
Urban Outfitters occupies 19,007 square feet at the four-story, 33,597 square foot property located at 6-8 W. Maple and 1100 N. State Streets, and high-end steak house Maple & Ash occupies the remainder of the building. Cushman & Wakefield Senior Directors Luke Molloy and Danny Jacobson handled the leasing of the property on behalf of Pisor and Lasky.
“The demand remains strong for Class A retail properties in high street markets like the Gold Coast,” said Mr. Marks. “The impressive location, quality of construction and strength of tenancy made 1100 N. State St. desirable for prospective buyers.”
“This asset at Rush and Maple represents a rare opportunity, and interest from institutional investors was commensurate,” added Ms. Connolly.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.