Local Investor Buys Net-Leased US Bank Branch in Chinatown

SRS Real Estate Partners’ National Net Lease Group has successfully completed the sale of a single-tenant retail property occupied by US Bank for $2.8 million. The 5,400-square-foot building was constructed in 1991 and is situated at 2131 S. China Pl., in Chicago’s Chinatown submarket on the city’s Near South Side.
SVPs Sean Lutz and Dan Elliot represented the seller, a private investor from California, while Century 21 agent Zoe Zhu acted on behalf of the buyer – a local private investor from Chicago – with whom they closed at 4.6% cap rate and $200K over asking price after receiving nine offers during marketing period for this highly visible asset offering zero landlord responsibilities to new ownership..
The tenant has more than nine years remaining on its corporate-guaranteed lease within Chinatown Square – an outdoor mall spanning nearly 162,000 square feet area .