facebook
Traded Co logo
Submit

Shapack Partners Acquires Development Site In River West, Chicago For $25M

Property Image
SOLD
$25,000,000
Logan Parsons
Drew Dillon
Chad Schroedl
+ 2

Illinois

See Similar Deals
Development Site70,000 SF
Sold 05/02/2022
the dealplayerscompscontact
Property Image
SOLD

Shapack Partners Acquires Development Site In River West, Chicago For $25M

509 North Union Avenue, Chicago, Illinois 60654, United States

See Similar Deals
Development Site70,000 SF
Sold 05/02/2022
Logan Parsons
Drew Dillon
Chad Schroedl
+ 2
the dealplayerscompscontact
Contact now

Summary

ILLINOIS
Asset Type:Development Site
Price Per Square Foot:$357
Total Square Footage:70,000 SF
Transaction Type:Sale

Shapack Partners has acquired a development site located at 509 N Union Ave in River West, Chicago. The seller of the property was the Salvation Army. The sale, which took place on 05/02/2022, had a sale price of $25,000,000.

Summary of transaction details

  • Property Type: Development Site
  • Sale Price: $25,000,000
  • Market: River West, Chicago
  • Address: 509 N Union Ave

The deal was facilitated by brokers Scott Maesel, Drew Dillon, Chad Schroedl, Adam Thomas, and Logan Parsons from SVN | Chicago Commercial. The transaction included the sale of the land as well as three properties situated on the land. The development site has a building square footage (BSF) of 567,000, resulting in a price per buildable square foot (PPBSF) of $44. The property itself has a square footage (SF) of 70,000, with a price per square foot (PPSF) of $357.

Players

Scott Maesel
Scott Maesel
10 deals$125.4M volume
BROKER
Chad Schroedl
Chad Schroedl
6 deals$86.6M volume
BROKER
Adam Thomas
SVN
Adam Thomas
5 deals$74.6M volume
BROKER
Drew Dillon
SVN
Drew Dillon
13 deals$168.9M volume
BROKER
Logan Parsons
Logan Parsons
4 deals$68.6M volume
BROKER
SP
Shapack Partners
BUYER
SA
Salvation Army
SELLER

Details

SOLD
IMAGE: Chad Schroedl, Logan Parsons, Scott Maesel, Adam Thomas & Drew Dillon DATE: 05/02/2022 ADDRESS: 509 N Union Ave MARKET: River West, Chicago ASSET TYPE: Development Site BUYER: Shapack Partners SELLER: Salvation Army BROKERS: Scott Maesel (@SVN_Chicago), Drew Dillon, Chad Schroedl, Adam Thomas (@AdamcThomas3) & Logan Parsons (@Logan_Parsonss) - SVN | Chicago Commercial SALE PRICE: $25,000,000 BSF: 567,000 ~ PPBSF: $44 SF: 70,000 ~ PPSF: $357 NOTE FROM BROKERS: The sale included land and 3 properties on said land.

Stay in the Know

Subscribe for insider commercial real estate news, deal highlights, and market insights—delivered straight to your inbox.

By subscribing, you agree to our Terms of Service and Privacy Policy.

Similar Deals

Contact

Get in touch with the broker you want

Suggestions
CRE CalculatorAnalyze deals based on income, expenses, and financing. We automatically filled the calculator with data from the deal you are viewing, fill free to modify it to see how it affects the results.
Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,333,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$88,819.73
Cash-on-Cash Return-1.27%
Monthly Debt Service$118,512.75
Annual Debt Service$1,422,153.05