Reverb Leases 25,000 SF Office Space In Chicago's Salt Shed
1357 North Elston Avenue
Building Size
25,000 SF
Asset Type
Office
Closing
Apr 9, 2024
About this deal
AI
The Salt Shed, a redeveloped Morton Salt warehouse located at 1357 North Elston Avenue in Chicago, has secured a lease transaction for approximately 25,000 square feet in a two-story brick building. The space will serve as the new headquarters for Reverb, a music equipment marketplace. This move adds a commercial dimension to the Salt Shed, known as a concert venue, and strengthens Reverb's connection to Chicago's music community.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Landlord: R2 & 16" on Center
- Tenant: David Kalt - Reverb
- Landlord's Rep: Mike Lombardo - Blue Star Properties
- Tenant's Rep: Adrian Boone - Stream Realty Partners; Frank Franzese - Colliers International
Reverb's relocation to the Salt Shed signifies a strategic move to enhance its presence in Chicago's music scene. The lease agreement, facilitated by Adrian Boone from Stream Realty Partners and Frank Franzese from Colliers International, marks a significant step for Reverb in establishing a stronger foothold within the emerging office landscape of the area. The upcoming move is scheduled for the following year, promising a seamless transition for the music equipment marketplace.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93