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Baxter Credit Union Acquires Office Building In Vernon Hills For $41.5M

Property Image
SOLD
$41,500,000

Illinois

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Office181,000 SF
Sold 10/24/2022
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Property Image
SOLD

Baxter Credit Union Acquires Office Building In Vernon Hills For $41.5M

340 N Milwaukee Ave.Vernon Hills, IL 60061, USA

See Similar Deals
Office181,000 SF
Sold 10/24/2022
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Summary

ILLINOIS
Asset Type:Office
Price Per Square Foot:$229
Total Square Footage:181,000 SF
Transaction Type:Sale

The office building located at 340 North Milwaukee Avenue and 300 North Milwaukee Avenue in Vernon Hills has been sold in a recent transaction. The property, spanning 181,000 square feet, was sold by JMS Capital Group, represented by John M. Schneider. The buyer, Baxter Credit Union, was represented by Mike Valentine. The sale price for the property was $41,500,000, resulting in a price per square foot of $229.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: $41,500,000
  • Square Footage: 181,000
  • Market: Vernon Hills
  • Buyer: Baxter Credit Union - Mike Valentine
  • Seller: JMS Capital Group - John M. Schneider

Mike Valentine and John M. Schneider played instrumental roles as representatives of their respective clients in this office property transaction. Baxter Credit Union, acting as the buyer, was represented by Mike Valentine. JMS Capital Group, acting as the seller, was represented by John M. Schneider. Their expertise and negotiation skills contributed to the successful conclusion of the deal.

Players

John M. Schneider
3 deals$52.5M volume
SELLER

John M. Schneider
3 deals$52.5M volume
SELLER

Details

SOLD
IMAGE: Mike Valentine & John M. Schneider DATE: 10/24/2022 ADDRESS: 340 North Milwaukee Avenue & 300 North Milwaukee Ave MARKET: Vernon Hills ASSET TYPE: Office BUYER: Baxter Credit Union (@BCULife) - Mike Valentine SELLER: JMS Capital Group - John M. Schneider SALE PRICE: $41,500,000 SF: 181,000 ~ PPSF: $229

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$2,213,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$147,440.74
Cash-on-Cash Return-1.27%
Monthly Debt Service$196,731.17
Annual Debt Service$2,360,774.07