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

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SOLD
$19,000,000

Illinois

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Development Site
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SOLD

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

810 W Lake St, Chicago, IL, 60607

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Development Site
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Summary

ILLINOIS
Asset Type:Development Site
Transaction Type:Sale

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
4 deals$21.2M volume(312) 337-0200
BROKER

BUYER

Details

SOLD
IMAGE: 810 W Lake St, Chicago, IL, 60607 MARKET: Chicago ASSET TYPE: Development Site SELLER'S REP: Matt Scales(At Properties Commercial) BUYER: North Park Ventures SELLER: Unknown PRICE: $19,000,000.00

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,013,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$67,502.99
Cash-on-Cash Return-1.27%
Monthly Debt Service$90,069.69
Annual Debt Service$1,080,836.32