Alaska Permanent Fund Acquires Retail Property In Chicago For $21M
SOLD
$21,000,000
Illinois
See Similar DealsRetail670,000 SF
Sold 02/22/2022
SOLD
Alaska Permanent Fund Acquires Retail Property In Chicago For $21M
520 South Michigan Avenue, Chicago, Illinois 60605, United States
See Similar DealsRetail670,000 SF
Sold 02/22/2022
Summary
ILLINOIS
Asset Type:Retail
Price Per Square Foot:$31
Total Square Footage:670,000 SF
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,120,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$74,608.56
Cash-on-Cash Return-1.27%
Monthly Debt Service$99,550.71
Annual Debt Service$1,194,608.56
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