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1220 South Ashland Avenue

Updated Dec 4, 2024

Newport Capital Partners Acquires Jewel-Osco-Anchored Shopping Center For $30.6M
SOLDRetail

Newport Capital Partners Acquires Jewel-Osco-Anchored Shopping Center For $30.6M

1220 South Ashland Avenue

$30,600,000

$278/SF

Building Size

109,800 SF

Asset Type

Retail

Closing

Jun 24, 2024

About this deal

AI

The property involved in the transaction is a retail asset located at 1220 South Ashland Avenue in Chicago. The property, spanning 109,800 square feet, was acquired by Derrick McGavic & Ben Andrews of Newport Capital Partners from John A. Kite of Kite Realty Group for a sale price of $30,600,000. The purchase highlights Newport's focus on stable, grocery-anchored retail properties in Chicago.

Summary of transaction details:

The individuals and companies involved in the deal include Derrick McGavic, Ben Andrews, John A. Kite, Christian Williams, Michael Wilson, Richard Frolik, and Newport Capital Partners. Newport Capital Partners has been strategically expanding its portfolio in Chicago, with a recent sale of another retail asset in Lincoln Park preceding this acquisition. The transaction reflects Newport's targeted approach amidst challenging retail market conditions across the country.

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$30,600,000

$278/SF

Retail

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Players

Christian Williams

CBRE

Broker

$434.4M

vol

16 deals

Broker
Manulife
ManulifeLender
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Chicago Retail Market Snapshot

Boundary boundary · Retail · Sale transactions

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Deal FAQ

About $278 per square foot on a published $30.6M for 109,800 square feet (2024).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.52%

Cash-on-Cash

-0.15%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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