Kohan Retail Investment Group Acquires 311 South Wacker Drive Office Tower For $20 Million

311 South Wacker Drive is a 65-story Class A office tower located in downtown Chicago, covering a total area of 1,313,315 square feet. The property was acquired by Kohan Retail Investment Group for a loan amount of $20 million, reflecting a purchase at a significant market discount compared to its previous acquisition.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $20,000,000
• Asset Address: 311 South Wacker Drive
• Market: Chicago
• Landlord: Kohan Retail Investment Group
• Lender: Daniel Nadri, Michael Hakimian & Sammy Hakimian - Hakimian Capital
• Loan Type: Acquisition

The deal was facilitated by Hakimian Capital, which provided the acquisition loan, allowing the borrower to act quickly. The property was previously purchased for over $302 million in 2014 by Zeller Realty Group and Cindat Capital Management, with the current deal demonstrating a notable shift in the market valuation of large office assets.