39 S State St

Chicago, IL

Location: Chicago
Neighborhood: Loop
Status: Stabilized
Acquisition Date: July 2016
Asset Type: Urban Street
Tenant(s): Vans
Gross Square Footage: 6,700

L3 Capital’s strategic repositioning of 39 S State began with the retail condos acquisition in 2016 in a programmatic joint venture with State Teachers Retirement System of Ohio. The Property was occupied by American Apparel at the time of purchase, but recognizing the opportunity presented by the apparel company’s fledgling business, L3 negotiated their exit and began an immediate renovation that would attract credit worthy retailers looking for a smaller flagship location on a prime corner of State Street. In 2018, L3 entered the final stage of its investment strategy for the asset with the signing of a lease with VANS.

Property Highlights

  • Corner flagship
  • 3,000 SF floor plates plus basement
  • 2018 Renovation
  • Historic building

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