Thor Equities sells retail space at 36 South State Street for $26M

The sale is the latest step in Thor’s pivot from the Loop to Fulton Market

TRD CHICAGO /
Dec.December 17, 2018 01:00 PM

Joseph Sitt, chairman of Thor Equities Group and 36 South State Street (Credit: Thor Equities)

Thor Equities got $26 million for the two retail floors it owned inside 36 South State Street, 14 years after the company bought entire 19-story building for $10.35 million.

The New York-based developer sold the 18,800-square-foot retail space to Jenel Management Corporation, giving Jenel its 19th Chicago property and its second in the Loop, Thor executives announced Monday.

Shortly after Thor bought the building in 2004, it renovated the property and sold its upper floors to WOW Development LLC for $9 million. WOW then converted the space from offices to condos.

Thor had been leasing out the building’s bottom floors to national retail brands since. Today, the space is occupied by Verizon, T-Mobile and Blick Art Materials.

The sale was brokered by Michael Marks of Cushman & Wakefield. Thor hired Cushman to list the property in April.

Thor, which is based in New York and owns retail properties across the U.S. and Europe, has been steadily shedding Downtown properties and shifting its focus to Fulton Market since 2016. Most recently, Thor rolled out plans to build a 20-story office-and-retail building at Halsted and Fulton streets.

But a spokesperson for Thor said the company plans to retain ownership of the Palmer House Hilton, whose 1,639 rooms and 28,000 square feet of retail sit across the street from 36 South State, for the long haul. Earlier this year, Thor took out a $427 million loan on the hotel, and it signed three retailers to leases combining for more than 20,000 square feet.

Among Jenel’s other Chicago properties is a renovated building in the Gold Coast where it is planning to bring in a Van Cleef & Arpels luxury jeweler.


Related Articles

arrow_forward_ios
 77 W. Wacker and 201 N. Clark in the Loop (Credit: Wikipedia, Google Maps)

Pension fund makes intriguing Loop dev play

1035-1065 N Orleans St (Credit: Google Maps)

Developers place bets on another downtown hotel

2537 North Pulaski Road in Logan Square (Credit: Google Maps)

‘Hipster’ concert venue will cause gentrification, Logan Square activists claim

Former NFL player Israel Idonije and 200 W. Madison St. (Credit: Getty Images, Google Maps)

Former Chicago Bear launches 1871-styled incubator with insane lease rates

625 West Adams Street and CA Office's Tom Scott and White Oak Realty Partners  Christopher Lynch

Developers of West Loop office tower built on spec score $140M loan

Sterling Bay’s Andy Gloor and renderings of 333 North Green Street (Credit: Sterling Bay)

Sterling Bay’s new Fulton Market HQ is a Sterling Bay construction

Eddie Lampert and the two closing Sears locations at 5000 Spring Hill Mall (top) and 2200 W War Memorial Drive (Credit: Getty Images, Google Maps)

Where have all the Sears stores gone? Illinois is now down to a handful

Google CEO Sundar Pichai and Sterling Bay CEO Andy Gloor (Credit: Getty Images and Lou Stejskal via Flickr)

Big foot: Google takes another 800K sf at Fulton Market

arrow_forward_ios