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1727 W Adams St Chicago, Il...

RE Holdings Group LLC Acquires Land In Chicago For $17.2M
SOLDLand

RE Holdings Group LLC Acquires Land In Chicago For $17.2M

1727 W Adams St Chicago, Il 60612, Usa

$17,200,000

Building Size

Asset Type

Land

Closing

Aug 4, 2023

AI

RE Holdings Group LLC, connected to Chicago Bulls and White Sox owner Jerry Reinsdorf, has acquired half of a mostly vacant block near the United Center in Chicago. The land was purchased from Joseph S. Feldman, Jr for a total sale price of $17,200,000. This transaction hints at potential development opportunities in the area, as Re Holdings Group and other companies affiliated with Reinsdorf have shown a growing interest in the development potential near the arena.

Summary of transaction details:

  • Property Type: Land
  • Transaction Amount: $17,200,000
  • Buyer: RE Holdings Group LLC - Jerry Reinsdorf, Howard Pizer & Terry Savarise
  • Seller: Joseph S. Feldman, Jr
  • Market: Chicago
  • Address: 1727 West Adams & 125 South Wood

The acquisition by RE Holdings Group LLC, led by Jerry Reinsdorf and his team, indicates a strategic move towards potential development in the vicinity of the United Center. This purchase follows a series of recent acquisitions by Reinsdorf-affiliated companies, further highlighting their interest in the area's development potential.

Players

Jerry Reinsdorf

Buyer

$53.6M

vol

3 deals

Buyer

Chicago Land Market Snapshot

Boundary boundary · Land · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.92%

Cash-on-Cash

-0.26%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93