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871 N Rush St Chicago, IL 6...

Updated Oct 29, 2024

Rivian Opens First Chicago Showroom At 871 N. Rush Street For Test Drives & EV Reservations
LEASEDRetail

Rivian Opens First Chicago Showroom At 871 N. Rush Street For Test Drives & EV Reservations

871 N Rush St Chicago, IL 60611, USA

$45

$45/SF

Building Size

5,160 SF

Asset Type

Retail

Closing

Jul 20, 2023

About this deal

AI

Rivian, an electric vehicle manufacturer, is set to open its first Chicago showroom at 871 North Rush Street in September. The property, located in the retail market of Chicago, offers a total square footage of 5,160. The asking rent for this space is $45 per square foot.

Summary of transaction details

  • Property Type: Retail
  • Address: 871 North Rush Street, Chicago
  • Tenant: Rivian - Robert J. Scaringe
  • Asking Rent: $45 per square foot
  • Square Footage: 5,160

Rivian's decision to open a showroom in Chicago highlights its commitment to expanding its operations and reaching a wider customer base in the city. The showroom will allow customers to test drive and reserve their electric vehicles. Rivian, led by its CEO Robert J. Scaringe, aims to produce 50,000 EVs this year as it ramps up production.

Players

Rivian
RivianTenant

Chicago Retail Market Snapshot

Boundary boundary · Retail · Lease transactions

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Deal FAQ

About $45 per square foot on a published $45 for 5,160 square feet (2023).

Browse Illinois retail leases on Traded.

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

352511.11%

Cash-on-Cash

-100748.76%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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