John Novak's Novak Construction Acquires Retail Property In Chicago For $24.5M
162 North State Street, Chicago, IL, USA
$24,500,000
$571/SF
Building Size
42,900 SF
Asset Type
Retail
Closing
Jan 25, 2021
AI
The School of the Art Institute has sold a retail property located at 162 N. State Street in Chicago. The transaction was completed on January 26, 2021. The buyer is John Novak, representing Novak Construction, and the seller is The School of the Art Institute. The deal was facilitated by CBRE.
Summary of transation details
- Property Type: Retail
- Transaction Amount: $24,500,000
- Address: 162 N. State Street, Chicago
- Market: Chicago
- Buyer: John Novak - Novak Construction
- Seller: The School of the Art Institute
- Broker: CBRE
- Square Footage: 42,900
- Price per Square Foot: $571
John Novak, representing Novak Construction, successfully acquired the retail property located at 162 N. State Street in Chicago for a total of $24,500,000. The property spans approximately 42,900 square feet, resulting in a price per square foot of $571. The transaction was overseen by CBRE, representing both the buyer and the seller, The School of the Art Institute. This sale marks a significant milestone for both parties involved.
Chicago 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
0.65%
Cash-on-Cash
-0.19%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93