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1727 W Adams St Chicago, Il...

Updated Oct 29, 2024

Bilt advertisement
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

About this deal

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

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