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Sperry Equities Acquires Marina City Retail Space In Chicago For $30M
SOLD
$30,000,000
Illinois
See Similar DealsRetail146,000 SF
Sold 12/21/2023
SOLD
Sperry Equities Acquires Marina City Retail Space In Chicago For $30M
318 North State Street
See Similar DealsRetail146,000 SF
Sold 12/21/2023
Summary
ILLINOIS
Asset Type:Retail
Price Per Square Foot:$205
Total Square Footage:146,000 SF
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,600,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$106,583.66
Cash-on-Cash Return-1.27%
Monthly Debt Service$142,215.31
Annual Debt Service$1,706,583.66
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