![\"\"](\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/04\/1401-S.-State-St..jpg\")
<\/a>The South Loop urban loft high-rise was completed in 2008 and features 278 studio, one- and two-bedroom apartment homes averaging 850 square feet each.<\/p>\nAmenities include a sky garden, fitness center, business center and a private resident park. The community also features 2,488 square feet of ground retail space and 195 parking garage spaces.<\/p>\n
Although an asking price was not made public, 1401 S. State St. is expected to fetch around $89 million. Bearing in mind that the cost of the project was $71.1 million and that it was financed with a $55.1 million construction loan, the project is set to generate a neat profit for the venture, which finalized the construction in the midst of the recession.<\/p>\n
Matthew Lawton, an executive managing director at Holliday Fenoglio Fowler, said around 95 percent of the units at 1401 S. State St. are rented. The ground-floor retail space, however, is not leased. The tower is expected to face a wave of competition as over 3,900 new apartment units are scheduled to be completed this year and in 2013.<\/p>\n
In other news, Holliday Fenoglio Fowler has also been hired by IRMCO Properties & Management Corporation to sell the North Shore Hotel, a 185-unit independent living retirement community in Evanston. Located at 1611 Chicago Avenue on a 1.5-acre site, the community was built in 1919 and features a six-story main building and a single-story retail building to the north.<\/p>\n
Photo Courtesy of: www.1401south.com<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"By Gabriel Circiog, Associate Editor Holliday Fenoglio Fowler L.P. has been hired by a venture that includes Sam Zell’s Equity Residential and Dallas-based developer Lincoln Property Co. to market a 22-story apartment building located at 1401 S. State St., Chicagorealestatedaily.com reports. The South Loop urban loft high-rise was completed in 2008 and features 278 studio, […]<\/p>\n","protected":false},"author":264,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,21742],"tags":[1815],"class_list":["post-1004051790","post","type-post","status-publish","format-standard","hentry","category-chicago","category-latest","tag-national"],"acf":[],"yoast_head":"\n
Holliday Fenoglio Fowler Hired to Sell 1401 S. State St. and North Shore Hotel - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/holliday-fenoglio-fowler-hired-to-sell-1401-s-state-st-and-north-shore-hotel\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Holliday Fenoglio Fowler Hired to Sell 1401 S. State St. and North Shore Hotel\" \/>\n<meta property=\"og:description\" content=\"By Gabriel Circiog, Associate Editor Holliday Fenoglio Fowler L.P. has been hired by a venture that includes Sam Zell’s Equity Residential and Dallas-based developer Lincoln Property Co. to market a 22-story apartment building located at 1401 S. State St., Chicagorealestatedaily.com reports. 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