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Net-Leased US Bank Branch in Chinatown Sells to Local Investor
SRS Real Estate Partners’ National Net Lease Group has completed the $2.8-million sale of a single-tenant retail property occupied by US Bank. Built in 1991, the 5,400-square-foot property is located at 2131 S. China Pl. in the Chinatown submarket on Chicago’s Near South Side.
SVPs Sean Lutz and Dan Elliot represented the seller, a California-based private investor. The buyer, a private investor from Chicago, was represented by Zoe Zhu from Century 21. The closing cap rate was 4.6%.
“This highly visible, ideally located asset was a solid offering and provided zero landlord responsibilities for the new ownership,” said Lutz. “SRS marketed this opportunity and secured nine offers. We selected the strongest buyer and closed at $200,000 over the asking price.”
The tenant has more than nine years remaining on its corporate-guaranteed lease. The property is within Chinatown Square, a nearly 162,000-square-foot outdoor mall.
- ◦Sale/Acquisition
