Updated Oct 29, 2024
Azur Cos. Acquires Development Site In Chicago's Fulton Market Area For $10M
1234 West Randolph Street
$10,000,000
Building Size
—
Asset Type
Development Site
Closing
Aug 14, 2023
About this deal
AI
A development site located at 1234 West Randolph Street in Chicago's Fulton Market area has been sold for $10 million. The property, originally planned for a hotel, will now be turned into a 41-story residential tower with retail space, totaling around 400 apartments. The demand for residential options in the office-heavy submarket has prompted this change in plans.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $10,000,000
- Buyer: Azur Cos. - Joe McMillan
- Seller: New Dairy Co.
- Market: Chicago
Azur Cos., a New York investor, in partnership with Golub & Co., acquired the development site. The sale was facilitated by Joe McMillan from Azur Cos.'s agency.
Players
Chicago Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.59%
Cash-on-Cash
-0.45%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93