Servicer Sale: Chicago Retail Property on Iconic State Street

Description:

Ri Marketplace Online Auction October 14th-16th, 2025
Register to bid on Marketplace:

https://rimarketplace.com/auction/2735/servicer-sale-chicago-retail-property-on-iconic-state-street?utm_source=brevitas&utm_medium=listing&utm_campaign=external&utm_content=retail_2735

Transwestern, in conjunction with RealINSIGHT Marketplace, are pleased to present for sale One North State Street. One North State is a 170,507 SF retail condominium within a 732,000 SF building at the northeast corner of State and Madison in Chicago’s Central Business District, along the six-block stretch of “Chicago’s Great Street” from Randolph to Monroe. The trade area is anchored by Macy’s and Block 37 to the north, T.J. Maxx, Primark, Burlington, and Nordstrom Rack in the center, and Target to the south. The location offers excellent CTA access (bus and elevated trains), nearby parking, and connections to all suburbs via Metra and major interstates.

Built in 1912 and divided in 2004 into retail (lower floors) and office (upper floors), the retail condo bears 22.49% of total building expenses and shares entrances, loading docks, and elevators with the office portion. The building features the best loading dock access in the CBD. Access includes State and Wabash Street entrances to T.J. Maxx and Burlington. Tenant spaces are separately metered for electricity; no on-site parking is available.

The retail portion is 93.2% leased, anchored by Burlington (Basement 1–2) and T.J. Maxx (Floors 2–3). T.J. Maxx’s lease extends to January 2027 with 10% percentage rent; Burlington’s lease extends to March 2029 with 8% percentage rent. The non-owned office portion, sold to a new investor in January 2025, is 64.4% leased, with asking rents of $22/SF Net plus $12.20/SF in real estate taxes.


Scott Bowers
c/o Fisher Auction Company Inc.
License: 040000273

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