Schaumburg-based firm, North American Real Estate (NARE), has recently acquired a downtown retail and office building located at 100-112 South State Street. The five-story building was purchased at a significant discount, which is becoming a common trend in the downtown Chicago market. The property was previously owned by Tishman Realty and an affiliate of AXA Group.
According to principal Savas Er, NARE bought the building for less than its previous sale price of $35 million in 2015. Cushman & Wakefield’s Michael Marks, Evan Halkias and David Matheis represented the sellers.
NARE also owns another nearby property at 114 S. State Street, which played a major role in their decision to acquire this adjacent building as well. Currently, the first two floors of 100-112 S.State Street are occupied by retail tenants while the upper floors offer office spaces and co-working options.
This recent acquisition adds to NARE’s growing portfolio in Chicago’s bustling downtown area.
