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Newport Capital Partners Acquires Retail Property In Chicago For $29M

Property Image
SOLD
$29,000,000
Emily Gadomski

Illinois

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Retail56,000 SF
Sold 05/17/2022
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Property Image
SOLD

Newport Capital Partners Acquires Retail Property In Chicago For $29M

2731 North Elston Avenue, Chicago, Illinois 60618, United States

See Similar Deals
Retail56,000 SF
Sold 05/17/2022
Emily Gadomski
Contact now

Summary

ILLINOIS
Asset Type:Retail
Price Per Square Foot:$517
Total Square Footage:56,000 SF
Transaction Type:Sale

Located at 2731 N. Elston Ave in Chicago, this retail property was recently sold in a transaction facilitated by Joe Girardi, Emily Gadomski, and Derrick McGavnic. The buyer, Newport Capital Partners represented by Derrick McGavnic, acquired the property from the seller, Novak Construction Company. The deal was brokered by Joe Girardi and Emily Gadomski from Mid-America Real Estate Corp.

Summary of transation details

  • Property Type: Retail
  • Transaction Amount: $29,000,000
  • Square Footage: 56,000
  • Price per Square Foot: $518

This transaction involved an exchange of ownership for the retail property located at 2731 N. Elston Ave in Chicago. Joe Girardi and Emily Gadomski from Mid-America Real Estate Corp facilitated the deal on behalf of the seller, Novak Construction Company. The buyer, Newport Capital Partners, was represented by Derrick McGavnic. The property spans 56,000 square feet, with a sale price of $29,000,000, resulting in a price per square foot of $518.

Players

Emily Gadomski
7 deals$93.1M volume
BROKER

Joe Girardi
Mid-America Real Estate Group
14 deals$398.6M volume
BROKER

Details

SOLD
IMAGE: Joe Girardi, Derrick McGavnic & Emily Gadomski DATE: 05/17/2022 ADDRESS: 2731 N. Elston Ave MARKET: Chicago ASSET TYPE: Retail BUYER: Newport Capital Partners - Derrick McGavnic SELLER: Novak Construction Company BROKERS: Joe Girardi & Emily Gadomski - Mid-America Real Estate Corp SALE PRICE: $29,000,000 SF: 56,000 ~ PPSF: $518

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,546,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$103,030.87
Cash-on-Cash Return-1.27%
Monthly Debt Service$137,474.80
Annual Debt Service$1,649,697.54