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Terry Savarise And Danny Wirtz Acquire Land In Chicago From Joseph Feldman For $26M

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SOLD
$26,000,000

Illinois

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Land
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SOLD

Terry Savarise And Danny Wirtz Acquire Land In Chicago From Joseph Feldman For $26M

100 South Damen Avenue, 2020 West Adams Street & 100 South Seeley Avenue

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Land
Sold
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Summary

ILLINOIS
Asset Type:Land
Transaction Type:Sale

A parcel of land located at 100 South Damen Avenue, 2020 West Adams Street, and 100 South Seeley Avenue in Chicago has been sold for $26 million. This transaction reflects a significant investment as part of the $7 billion 1901 Project. The acquisition expands the ownership group's footprint in the area, contributing to an overall land expenditure related to the redevelopment of at least $136 million.

Summary of transaction details:

  • Property Type: Land
  • Transaction Amount: $26,000,000
  • Buyer: Terry Savarise - United Center; Danny Wirtz - Chicago Blackhawks
  • Seller: Joseph Feldman

This transaction involves an LLC associated with the owners of The United Center, who, through this purchase, have further committed to enhancing their real estate holdings for the extensive redevelopment project. The notable individuals in this deal are Terry Savarise and Danny Wirtz, both representing significant interests in Chicago's sports and entertainment landscape.

Details

SOLD
IMAGE: Danny Wirtz & Terry Savarise DATE: 03/04/2026 ADDRESS: 100 South Damen Avenue, 2020 West Adams Street & 100 South Seeley Avenue MARKET: Chicago ASSET TYPE: Land BUYER: Terry Savarise - United Center; Danny Wirtz - Chicago Blackhawks SELLER: Joseph Feldman SALE PRICE: $26,000,000 NOTE: An LLC tied to The United Center owners paid $26 million for additional land at 100 South Damen Ave., 2020 West Adams St. and 100 South Seeley Ave., expanding their footprint for the $7 billion 1901 Project. The latest deal with investor Joseph Feldman pushes the ownership group’s total land spend for the redevelopment to at least $136 million.

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

$1,386,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$92,372.50
Cash-on-Cash Return-1.27%
Monthly Debt Service$123,253.26
Annual Debt Service$1,479,039.17