Kiser Group’s Birk | Sklar Team is proud to announce the successful sale of 701 S State, a mixed-use building located in the heart of Chicago’s Loop, for $6 million. The seller, Nicholas Vranas, had owned the building for over 40 years before selling it to a local investor.
According to Sklar, “This property was incredibly unique for it was one of only a few legacy properties to have a 4am liquor license which was transferred upon sale. The buyer is also a restaurant operator who was intrigued by the untapped potential given the location, ability to stay open late, as well as the transferable liquor license.”
The property boasts 36 gut-renovated studio apartments, all currently occupied, as well as a bar space on the first floor. Additionally, it features a newer roof, updated copper plumbing, all new electric, updated steel porches, and newer windows. The asset is situated in a prime location cornered by all new construction on all sides and is adjacent to two of the Red Line El stops. It is also in the center of local schools and college campuses.
“The Loop has seen a resurgence of demand, especially most recently with the push to get workers back to the office,” said Sklar. “Foot traffic has rapidly increased, and this certainly has boosted retail in the neighborhood, as well.”
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