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.
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