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Seth Singerman Of Singerman Real Estate Acquires Office Building In Skokie For $3.3M

Property Image
SOLD
$3,300,000
Patrick Shields
Bruce Miller
+ 1

Illinois

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Office135,851 SF
Sold 12/09/2024
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Property Image
SOLD

Seth Singerman Of Singerman Real Estate Acquires Office Building In Skokie For $3.3M

8030 Lamon Avenue

See Similar Deals
Office135,851 SF
Sold 12/09/2024
Patrick Shields
Bruce Miller
+ 1
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Summary

ILLINOIS
Asset Type:Office
Price Per Square Foot:$24
Total Square Footage:135,851 SF
Transaction Type:Sale

The property involved in this transaction is a vacant life sciences building located at 8030 Lamon Avenue in Skokie. The asset covers a total square footage of 135,851 and was sold for a price of $3,300,000, which translates to a price per square foot of $24.

Summary of transaction details:

This transaction reflects the engagement of Singerman Real Estate, led by Seth Singerman, purchasing the property from Joe Lubek of American Landmark Properties. The brokers involved in facilitating this deal were Bruce Miller, Jaime Fink, Patrick Shields, and Sam DiFrancesca from JLL.

Players

Jaime Fink
19 deals$1.1B volume
BROKER

Sam DiFrancesca
JLL
12 deals$599.4M volume
BROKER

Patrick Shields
JLL
10 deals$377M volume
BROKER

Bruce Miller
JLL
14 deals$759.3M volume
BROKER

Details

SOLD
IMAGE: Jaime Fink, Seth Singerman, Bruce Miller, Joe Lubek, Sam DiFrancesca & Patrick Shields DATE: 12/09/2024 ADDRESS: 8030 Lamon Avenue MARKET: Skokie ASSET TYPE: Office BUYER: Seth Singerman - Singerman Real Estate SELLER: Joe Lubek - American Landmark Properties (@AmericanLandmarkApartments) BROKERS: Bruce Miller, Jaime Fink, Patrick Shields & Sam DiFrancesca (@sdifrancesca) - JLL (@JLL) SALE PRICE: $3,300,000 SF: 135,851 ~ PPSF: $24 NOTE: Singerman Real Estate acquired the vacant 135,851-square-foot life sciences building at 8030 Lamon Ave. in Skokie for $3.3 million, significantly below the $21 million invested by the previous owner, American Landmark Properties. The deal highlights declining demand for life sciences lab space, with Chicago's market facing a 40% vacancy rate compared to 17% nationwide.

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

$175,999.99

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$11,724.21
Cash-on-Cash Return-1.27%
Monthly Debt Service$15,643.68
Annual Debt Service$187,724.20