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
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