Drew Millard Of Concord Capital Acquires Loft Office Buildings For $8.5M In Chicago
445 West Erie Street & 542 South Dearborn Street
$8,500,000
Building Size
—
Asset Type
Office
Closing
Apr 13, 2026
About this deal
AI
Concord Capital acquired two loft office buildings located at 445 West Erie Street and 542 South Dearborn Street in Chicago for a total sale price of $8,500,000. The properties, situated in the Printer’s Row area, include the historic Pontiac Building. The planned redevelopment involves a conversion from office to residential use, with intentions to transform the buildings into apartments.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $8,500,000
- Buyer: Drew Millard - Concord Capital
- Location: 445 West Erie Street & 542 South Dearborn Street, Chicago
- Market: Chicago
Drew Millard represents Concord Capital in this transaction, focusing on the redevelopment strategy which aligns with the ongoing trend of office-to-residential conversion in urban settings.
On the Map
$8,500,000
Office
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.87%
Cash-on-Cash
-0.53%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93