Closed Deal: 515 State Street Sold to Local Investor

In another indication of renewed interest in downtown retail property, 515 State Street has been purchased by an unnamed local investor. The property was listed for $2,850,000, received multiple offers, and closed in less than two months. Michael Martz and Greg Bartholomew of Hayes Commercial Group represented the seller. Clothing retailer The Territory Ahead will continue to occupy the 4,120 sf building as their flagship store.
There have been four retail property sales from the 500 to the 900 block of State Street in 2010. Earlier this year, Michael Martz also represented the seller of the adjacent property, 511-513 State Street, which is occupied by the James Joyce and Wahoo’s Fish Tacos. “The increase in sales activity this year shows that there is demand for quality retail property along the State Street corridor,” Greg Bartholomew said.