CHICAGO—USAA Real Estate Co. and its partnerGolub & Co. just acquired Chestnut Place, a30-story residential building at 850 N. State St. Although theprice was not disclosed, Cook County records showthe companies paid $80.5 million.
Michael Goldman and CollinMcKenna of Golub, and David Reahl ofUSAA, negotiated the purchase. The seller, Chestnut PlaceAssociates, was represented by CBRE.
“Our plan is to make upgrades to the residential units,significantly expand on-site amenities, and improve the facades ofground-floor retail spaces to be more inviting to tenants andpatrons alike,” said Michael Newman, president andchief executive officer of Golub.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
