October 5, 2023

State Street retail sale, listing show corridor’s pain

A New York real estate firm has sold a State Street retail property for a loss, while a lender that recently seized another retail building farther north in the shopping corridor is looking to unload it. In one example of the pain that higher interest rates and a lack of downtown foot traffic is causing retail landlords, a venture controlled by New York-based DRA Advisors last month sold the Shops at State Place at 1103-1155 S. State St. in an auction for $11.5 million, according to a statement from brokerage Greenstone Partners, which represented the buyer.