MCZ Development Purchases 400 N May St Chicago For $15.2 Million With SVN As Seller's Rep
400 N May St, Chicago, IL, 60642
$15,200,000
Building Size
—
Asset Type
Office
Closing
Nov 19, 2023
About this deal
AI
The property involved in this transaction is located at 400 N May St, Chicago, IL, 60642. It encompasses an entire city block featuring a 75,000-square-foot office building constructed with timber and beams, along with an additional 43,000 square feet of land utilized as a parking lot. The property was sold for $15,200,000.00.
Summary of transaction details:
- Property Type: Office building with land
- Transaction Amount: $15,200,000.00
- Address: 400 N May St, Chicago, IL, 60642
- Market: Chicago
- Seller's Representative: Chad Schroedl, Drew Dillon - SVN
- Buyer: MCZ Development
Stephen Cusano, Chad Schroedl, Drew Dillon, and James Mead of SVN represented the seller, May St. Investments LLC, which held ownership of the property for over 30 years during the transaction. The buyer, MCZ Development, has acquired the property in a strategic market location.
On the Map
$15,200,000
Office
View full map
Players
Chicago Office Market Snapshot
Boundary boundary · Office · Sale transactions
Loading comparables…
Deal FAQ
Browse Illinois office sales on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.04%
Cash-on-Cash
-0.30%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93