Blue Water Shipping Leases 3900 Square Feet At 8601 W Bryn Mawr Ave Chicago From Berger Asset Management
8601 W Bryn Mawr Ave, Chicago, IL, 6...
Building Size
3,900 SF
Asset Type
Office
Closing
Oct 15, 2019
AI
The property asset involved in this transaction is located at 8601 W Bryn Mawr Ave, Chicago, IL. The office space being leased totals 3,900 square feet within the Concourse Chicago complex, which is undergoing renovations. The property is situated in the Chicago market and is part of a 12-building complex acquired by Berger Asset Management in 2018.
Summary of transaction details:
- Property Type: Lease
- Transaction Amount: Not disclosed
- Tenant: Blue Water Shipping
- Landlord: Berger Asset Management
- Square Feet: 3,900
- Tenant's Representatives: Jonathon Connor (Colliers International), Jake Spinnell (Colliers International)
In addition to Blue Water Shipping, two other tenants have signed leases at Concourse Chicago. Green Office Partners, represented by Steve Goldstein of Jameson Commercial, leased 3,700 square feet and is relocating from the central business district. Great Lakes Technology, represented by John Cassidy of Lee & Associates, leased 1,500 square feet for a satellite office. The landlord was represented by Steve Chrastka and Jason Wurtz of NAI Hiffman as the exclusive leasing representatives for the property.
Players
Chicago Office Market Snapshot
Boundary boundary · Office · Lease transactions
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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