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1500 W Carroll Ave, Chicago...

Dayton Street Partners Leases 12700 SF Commercial Space In Chicago
LEASEDCommercial

Dayton Street Partners Leases 12700 SF Commercial Space In Chicago

1500 W Carroll Ave, Chicago, IL, 60607

Building Size

12,700 SF

Asset Type

Commercial

Closing

Mar 7, 2019

AI

The property involved in this transaction is a commercial asset located at 1500 W Carroll Ave, Chicago, IL, 60607, with a total square footage of 12,700. Dayton Street Partners has completed a $4 million renovation of the building, which includes new exterior windows, bathrooms, HVAC systems, lighting, and refreshed stairwells. The new features also consist of a modern lobby, rooftop deck with skyline views, a bicycle garage, and parking for 42 cars.

Summary of transaction details:

  • Property Type: Commercial
  • Transaction Amount: Not specified
  • Address: 1500 W Carroll Ave, Chicago, IL, 60607
  • Market: Chicago
  • Landlord: Dayton Street Partners
  • Landlord's Representatives: Mark Georgas-JLL, Michael "Mike" Curran-Landmark Commercial Realty
  • Square Feet: 12,700

The deal includes Ardmore Roderick signing a lease for the entire third and fourth floors of the building. The civil engineering firm offers various engineering services and joins other tenants such as Via Tecknik, Limitless Coffee, Neato Agency, and Breather. Howard Wedren, a principal at Dayton Street Partners, remarks on the desirability of Fulton Market West as an office location accessible to popular after-work spots and restaurants.

Players

Michael Curran

Landmark Commercial Realty

Broker

$13.2M

vol

3 deals

Broker
DP
Dayton Street PartnersLandlord

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