Sovereign Partners LLC Acquires Office Building In Itasca For $24M
2 Pierce Place, Itasca, Illinois 60143, United States
$24,000,000
$49/SF
Building Size
489,876 SF
Asset Type
Office
Closing
Feb 8, 2022
About this deal
AI
Sovereign Partners LLC has acquired an office property located at 2 Pierce Place in Itasca. The transaction was facilitated by Piedmont Office Realty Trust, the seller. The property spans approximately 489,876 square feet and was sold for an estimated price of $24,000,000, resulting in a price per square foot of around $49.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $24,000,000 (Approx.)
- Address: 2 Pierce Place, Itasca
Matthew Schoenfeldt of JLL served as the mortgage broker for this transaction. Our congratulations to Sovereign Partners LLC on their acquisition of this office property.
On the Map
$24,000,000
$49/SF
Office
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Players
Itasca Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.66%
Cash-on-Cash
-0.19%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93