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
Chicago Retail Market Snapshot
Boundary boundary · Retail · Lease transactions
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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