OAK BROOK, Ill.--(EON: Enhanced Online News)--IRC Retail Centers (IRC), a leading real estate company that owns and operates high quality, necessity and value-based retail centers in select markets within the Central and Southeastern United States, today announced that it has acquired the Shops at State Place, located in the South Loop neighborhood of Chicago, Ill. The acquisition includes 61,639 square feet of street level retail space with a second floor parking deck, comprising the first two floors of a mixed-use building. The acquired property features a strong tenant lineup including Walgreens, Fitness Formula Health Club and Spa, Kriser’s Natural Pet store, European Wax Center, Hair Cuttery and H&R Block, with approximately 12,000 square feet of prime street front retail space on State Street available for lease.
“The Shops at State Place is irreplaceable infill real estate, with a premier location in a top Chicago retail corridor, excellent demographic profile and high quality tenant roster,” said Scott Carr, executive vice president and chief investment officer for IRC Retail Centers. “In addition, the acquisition provides us with the opportunity to substantially increase asset value by leveraging the property’s positive attributes and our market expertise to enhance the existing merchandise mix at the property.”
The Shops at State Place is well-located in the South Loop, an urban neighborhood experiencing tremendous residential growth, with 1,172 new apartments added in 2016 and a 496-unit tower currently under development. The property serves an in-place residential population of approximately 312,300 with average household income exceeding $103,400 within a three-mile radius, and more than 31,600 residents with average household income upwards of $123,200 within a 15-minute walk.
In addition, the Shops at State Place benefits from high traffic volumes resulting from its close proximity to the Loop Central Business District and various universities, with a total daytime population of approximately 850,000 within a three-mile radius of the asset. Strategically positioned at the busy intersection of State Street and Roosevelt Road with heavy pedestrian traffic and approximately 50,000 vehicles passing daily, the property offers easy access via public transportation and convenient on-site parking. The Shops at State Place is located at the eastern edge of the rapidly expanding Roosevelt retail corridor, which includes Joffco Square, a multi-level retail center at the corner of Roosevelt Road and South Jefferson Street, that is also owned and managed by IRC Retail Centers.
For information on leasing opportunities at the Shops at State Place and Joffco Square, contact Mike Fitzgerald, senior vice president of leasing for IRC Retail Centers. Additionally, parties with retail properties for sale and/or development opportunities can contact Richard Lippert, vice president of transactions.
About IRC Retail Centers
IRC Retail Centers LLC is a real estate company focused on owning and operating open-air neighborhood, community and power shopping centers located in well-established markets primarily in the Central and Southeastern U.S. The company currently has an ownership interest in more than 130 properties totaling approximately 15 million square feet of leasable space. Its necessity and value-centered retail portfolio features properties that deliver the right combination of location, market position, and tenant mix to drive consumer traffic at its centers. Additional information on IRC Retail Centers is available at www.ircretailcenters.com. Follow us on Twitter and connect with us via LinkedIn and Facebook. IRC Retail Centers is owned by funds managed by DRA Advisors LLC (DRA). DRA is a registered SEC investment advisor with $9.8 billion of assets under management, headquartered in New York with offices in San Francisco and Miami. Additional information on DRA Advisors LLC is available at www.draadvisors.com.