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1010 West Madison Street

Bathhouse Signs Lease For New Wellness Facility At 1010 W. Madison St
LEASEDCommercial

Bathhouse Signs Lease For New Wellness Facility At 1010 W. Madison St

1010 West Madison Street

Building Size

40,000 SF

Asset Type

Commercial

Closing

Oct 20, 2023

AI

The Bathhouse spa provider has signed a lease for a new 40,000-square-foot wellness facility in Chicago's 1010 W. Madison St. building. Developed by Fulton Street Cos, the facility will offer amenities such as saunas, cold plunges, a rooftop pool, and a restaurant. The space will provide both day passes and treatments to its customers.

Summary of transaction details

  • Property Type: Commercial
  • Transaction Amount: Lease
  • Market: Chicago
  • Address: 1010 West Madison Street
  • Landlord: Fulton Street Cos - Alex Najem
  • Tenant: Bathhouse
  • Asset Type: Commercial
  • Square Footage: 40,000 SF

Bathhouse, a spa provider, has partnered with Fulton Street Cos to establish their new wellness facility in Chicago's 1010 W. Madison St. building. The project represents a collaboration between key individuals in the industry and aims to provide a unique and comprehensive spa experience for customers in the area.

Players

Alex Najem

Landlord

$49M

vol

2 deals

Landlord
FC
Fulton Street Cos.Landlord
B
BathhouseTenant

Chicago Commercial Market Snapshot

Boundary boundary · Commercial · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93