John Novak's Novak Construction Acquires Retail Property In Chicago For $24.5M
SOLD
$24,500,000
Illinois
See Similar DealsRetail42,900 SF
Sold 01/26/2021
SOLD
John Novak's Novak Construction Acquires Retail Property In Chicago For $24.5M
162 North State Street, Chicago, IL, USA
See Similar DealsRetail42,900 SF
Sold 01/26/2021
Summary
ILLINOIS
Asset Type:Retail
Price Per Square Foot:$571
Total Square Footage:42,900 SF
Transaction Type:Sale
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.
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30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,306,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$87,043.32
Cash-on-Cash Return-1.27%
Monthly Debt Service$116,142.50
Annual Debt Service$1,393,709.99
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