Kiser Group Finalizes Sale of Loop Mixed-Use with 4 a.m. Liquor License

Kiser Group’s Birk | Sklar Team has sold 701 S State, a mixed-use building located in Chicago’s Loop, for $6 million. The seller, Nicholas Vranas, had owned the building for more than 40 years before selling it to a local investor.

According to Sklar, “This property was incredibly unique for it was one of only a few legacy properties to have a 4 a.m. liquor license, which was transferred upon sale. The buyer is also a restaurant operator who was intrigued by the untapped potential given the location, ability to stay open late, as well as the transferable liquor license.”

The property inclludes 36 gut-renovated studio apartments, all currently occupied, as well as a bar space on the first floor. Additionally, it features a newer roof, updated copper plumbing, all new electric, updated steel porches and newer windows.

The asset is situated in a prime location cornered by all new construction on all sides and is adjacent to two of the Red Line El stops. It’s also in the center of local schools and college campuses.