Sperry Equities Acquires Marina City Retail Space In Chicago For $30M
318 North State Street
$30,000,000
$205/SF
Building Size
146,000 SF
Asset Type
Retail
Closing
Dec 21, 2023
About this deal
AI
Pebblebrook Hotel Trust has finalized the $30.0 million sale of Marina City retail space and adjacent parking facilities in Chicago. The transaction reflects a 6.4% capitalization rate and is part of Pebblebrook's active year, with seven property sales totaling $330.8 million. The proceeds from this sale will be used for general corporate purposes, including debt reduction and share repurchases.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $30,000,000
- Address: 318 North State Street, Chicago
- Market: Chicago
- SF: 146,000
- PPSF: $205
The buyer in this transaction is Sperry Equities represented by Rand Sperry. The seller is Pebblebrook Hotel Trust represented by Jon Bortz.
Players
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
0.53%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93