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810 W Lake St, Chicago, IL,...

North Park Ventures Acquires Development Site In Chicago For $19M
SOLDDevelopment Site

North Park Ventures Acquires Development Site In Chicago For $19M

810 W Lake St, Chicago, IL, 60607

$19,000,000

Building Size

Asset Type

Development Site

Closing

Nov 20, 2023

AI

The 20,000-square-foot land site at 810 W Lake St in Chicago, IL, 60607, has been sold for $19,000,000. The development site is located in Chicago's Fulton Market district and includes three existing properties: a two-story restaurant building at 204 N. Halsted St., a three-story restaurant building at 804-808 W Lake St., and a two-story retail building and adjacent parking lot at 810-816 W Lake St.

Summary of transation details:

  • Property Type: Development Site
  • Transaction Amount: $19,000,000.00
  • Market: Chicago
  • Seller's Representative: Matt Scales (At Properties Commercial)
  • Buyer: North Park Ventures
  • Seller: Unknown

Marty Casey and Matt Scales of @properties Commercial facilitated the sale of the site in collaboration with three different sellers to assemble the properties. The partnership between North Park Ventures and MF Development acquired the land for the future development of a hotel and retail project in the vibrant Fulton Market district of Chicago.

Players

Matt Scales

At Properties Commercial

Broker

$21.2M

vol

4 deals

Broker
NV
North Park VenturesBuyer

Chicago Development Site Market Snapshot

Boundary boundary · Development Site · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.83%

Cash-on-Cash

-0.24%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93