Focus Development Acquires Retail Property On Halsted Street In Chicago For $5M
SOLD
$5,000,000
Illinois
See Similar DealsRetail
Sold 02/14/2017
SOLD
Focus Development Acquires Retail Property On Halsted Street In Chicago For $5M
170 N Halsted St, Chicago, IL, 60661
See Similar DealsRetail
Sold 02/14/2017
Summary
ILLINOIS
Asset Type:Retail
Transaction Type:Sale
The property at 170 North Halsted St in Chicago, IL, 60661, was acquired for $5,000,000.00. It is a retail asset that will undergo a transformation into a 250k SF office building with 20k SF office floor plates and ground-level retail space.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $5,000,000.00
- Address: 170 N Halsted St, Chicago, IL, 60661
- Market: Chicago
- Buyer: Focus Development
- Seller: FCA
Scott Maesel of SVN | Chicago Commercial represented a joint venture of Shapack Partners and Focus Development in the acquisition. The property and an additional 20k SF parcel will be repurposed for the development of the new office building, which will feature 20k SF office floor plates and ground-level retail amenities.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$266,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$17,763.94
Cash-on-Cash Return-1.27%
Monthly Debt Service$23,702.55
Annual Debt Service$284,430.61
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