Chicago's One North State retail space hits the market

Real estate brokerage Transwestern is seeking a buyer for One North State, a 171,000-square-foot retail property in Chicago’s Loop, after LNR Partners took over via foreclosure last year. The space, previously owned by New York investors Isaac and Billy Shalom, was part of a larger wave of pandemic-driven retail struggles on State Street, which saw the exit of major brands like Old Navy, DSW, and Urban Outfitters.

Despite ongoing retail vacancy concerns, One North State remains largely leased, with T.J. Maxx and Burlington recently extending their leases through 2027 and 2029, respectively. Smaller tenants like Rocky Mountain Chocolate Factory and Tropical Smoothie Cafe have also signed deals.