Shapack Partners Acquires Industrial Property In Chicago For $8.5M
SOLD
$8,500,000
Illinois
See Similar DealsIndustrial27,000 SF
Sold 09/18/2018
SOLD
Shapack Partners Acquires Industrial Property In Chicago For $8.5M
224 N Ada St, Chicago, IL, 60607
See Similar DealsIndustrial27,000 SF
Sold 09/18/2018
Summary
ILLINOIS
Asset Type:Industrial
Price Per Square Foot:$314
Total Square Footage:27,000 SF
Transaction Type:Sale
Shapack Partners acquired a 27,000-square-foot industrial property located at 224 N Ada St, Chicago, IL, 60607 for $8,500,000. The asset is situated at the western edge of Fulton Market within the Chicago market.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $8,500,000.00
- Address: 224 N Ada St, Chicago, IL, 60607
- Square Footage: 27,000
- Seller's Representative: Scott Maesel
- Buyer: Shapack Partners
The seller was a venture of Leslie Hindman Auctioneers, which had previously acquired the property in 2012 for $1.2 million. This transaction marks Shapack Partners' first property acquisition west of Morgan Street in the West Loop area.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$453,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$30,198.72
Cash-on-Cash Return-1.27%
Monthly Debt Service$40,294.34
Annual Debt Service$483,532.04
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