SRS Real Estate Partners’ National Net Lease Group has 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 located at 2131 S. China Pl., within Chinatown Square – an outdoor mall spanning nearly 162,000 square feet – on Chicago’s Near South Side.
Sean Lutz and Dan Elliot, Senior Vice Presidents with SRS Real Estate Partners represented the seller – a California based private investor – while Zoe Zhu from Century 21 represented the buyer; a local private investor who closed at 4.6% cap rate with an offer that exceeded asking price by $200K . Lutz commented: “This highly visible asset provided zero landlord responsibilities to its new ownership and we received nine offers after marketing this opportunity.” The tenant holds more than nine years remaining on their corporate guaranteed lease agreement .
