Kingsbarn Realty Capital Acquires Tesla Sales Service And Delivery Center For $28.17M In Northbrook
1000 Skokie Boulevard
$28,175,000
$587/SF
Building Size
47,997 SF
Asset Type
Retail
Closing
Sep 13, 2024
AI
The property asset involved in this transaction is a retail facility located at 1000 Skokie Boulevard in Northbrook, Illinois. The sale price was $28,175,000, and the property encompasses a total area of 47,997 square feet, resulting in a price per square foot of $587. This facility serves as Chicago’s flagship Tesla Sales, Service and Delivery Center and is a newly developed build-to-suit facility specifically for Tesla.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $28,175,000
- Buyer: Kingsbarn Realty Capital
- Seller: Focus & Fort Union
- Buyer's Representative: Drew Antoniou & Dominic Sulo - Marcus & Millichap
- Seller's Representative: Alex Sharrin - JLL
- Size: 47,997 square feet
- Price Per Square Foot: $587
The transaction was brokered by Marcus & Millichap and JLL, highlighting the collaboration between the two brokerage firms. The Northbrook facility is notable for providing vehicle delivery, preparation, and maintenance services, supporting Tesla’s flagship retail operations throughout Chicago’s northern suburbs.
Players
Northbrook Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.56%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93