Alaska Permanent Fund Acquires Retail Property In Chicago For $21M
520 South Michigan Avenue, Chicago, Illinois 60605, United States
$21,000,000
$31/SF
Building Size
670,000 SF
Asset Type
Retail
Closing
Feb 21, 2022
About this deal
AI
The retail property located at 520 North Michigan Avenue in Chicago has been sold for a price of $21,000,000. The transaction took place on February 22, 2022. The property spans a total area of 670,000 square feet, resulting in a price per square foot of $31. The sale was made with a stake of 50%.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $21,000,000
- Address: 520 North Michigan Avenue, Chicago
- Market: Chicago
- Square Footage: 670,000
- Price per Square Foot: $31
The buyer of the property is Alaska Permanent Fund, while the seller is Macerich Co., represented by Thomas E. O’Hern & Edward C. Coppola.
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
0.76%
Cash-on-Cash
-0.22%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93