Silvestri Acquires Mixed-Use Property On North Michigan Avenue In Chicago For $94M
SOLD
$94,000,000
Illinois
See Similar DealsMixed-use196,000 SF
Sold 05/17/2022
SOLD
Silvestri Acquires Mixed-Use Property On North Michigan Avenue In Chicago For $94M
737 North Michigan Avenue, Chicago, Illinois 60611, United States
See Similar DealsMixed-use196,000 SF
Sold 05/17/2022
Summary
ILLINOIS
Asset Type:Mixed-use
Price Per Square Foot:$479
Total Square Footage:196,000 SF
Transaction Type:Sale
The mixed-use property located at 737 North Michigan Avenue in Chicago has been sold in a recent transaction. The property, with a total square footage of 196,000, was sold by UBS Realty Investors. The buyer, Silvestri Investments represented by Dan Silvestri, acquired the property for a sale price of $94,000,000. The transaction has taken place on 05/17/2022.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $94,000,000
- Address: 737 North Michigan Avenue, Chicago
- Square Footage: 196,000
Dan Silvestri, representing Silvestri Investments, was the buyer in this transaction. They successfully negotiated the purchase of the property from UBS Realty Investors. No additional information is available regarding the deal.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$5,013,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$333,962.16
Cash-on-Cash Return-1.27%
Monthly Debt Service$445,607.96
Annual Debt Service$5,347,295.48
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