Sovereign Partners LLC Acquires Office Building In Itasca For $24M
SOLD
$24,000,000
Illinois
See Similar DealsOffice489,876 SF
Sold 02/09/2022
SOLD
Sovereign Partners LLC Acquires Office Building In Itasca For $24M
2 Pierce Place, Itasca, Illinois 60143, United States
See Similar DealsOffice489,876 SF
Sold 02/09/2022
Summary
ILLINOIS
Asset Type:Office
Price Per Square Foot:$49
Total Square Footage:489,876 SF
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,279,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$85,266.94
Cash-on-Cash Return-1.27%
Monthly Debt Service$113,772.24
Annual Debt Service$1,365,266.93
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