Fundamental Income Acquires Retail Property In Chicago For $30M
SOLD
$30,000,000
Illinois
See Similar DealsRetail34,000 SF
Sold 05/25/2022
SOLD
Fundamental Income Acquires Retail Property In Chicago For $30M
632 North Dearborn Street, Chicago, Illinois 60654, United States
See Similar DealsRetail34,000 SF
Sold 05/25/2022
Summary
ILLINOIS
Asset Type:Retail
Price Per Square Foot:$882
Total Square Footage:34,000 SF
Transaction Type:Sale
The retail property located at 632 N. Dearborn St in Chicago was recently sold for a price of $30,000,000. With a total area of approximately 34,000 square feet, the property was purchased by Fundamental Income, represented by Alexi Panagiotakopoulos. The sale price equates to a price per square foot of $882.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $30,000,000
- Address: 632 N. Dearborn St
- Market: Chicago
The buyer's representative in this transaction was Matt Menna from Sterling Bay Capital Advisers LLC, while Michael Marks from Cushman & Wakefield also assisted as a broker. The tenant of the property is Tao Group, represented by Jason Strauss and Noah Tepperberg.
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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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