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105 West Adams Street

Updated Dec 4, 2024

Primera Group And Marc Calabria Acquire Chicago Office Building From Old National Bank For $11M
SOLDOffice

Primera Group And Marc Calabria Acquire Chicago Office Building From Old National Bank For $11M

105 West Adams Street

$11,000,000

$33/SF

Building Size

330,000 SF

Asset Type

Office

Closing

Oct 1, 2024

About this deal

AI

The office portion of Chicago's Clark Adams Building, located at 105 West Adams Street, has been sold for $11,000,000. The property spans 330,000 square feet, resulting in a price per square foot of $33 in the Chicago market.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $11,000,000
  • Location: 105 West Adams Street, Chicago
  • Square Footage: 330,000
  • Price Per Square Foot: $33
  • Buyer: Zach Waickman & Gabriel Martinez - Primera Group; Marc Calabria
  • Seller: Old National Bank
  • Brokerage: Daniel Hyman & Susan Silver - Millennium Properties R/E

Primera Group and Marc Calabria plan to convert the acquired office space into affordable residential units, contingent upon obtaining public funding. This transaction follows a prior unsuccessful attempt to redevelop the site into 247 affordable apartments due to financing issues.

Players

Daniel Hyman

Millennium Properties R/E

Broker

$11M

vol

1 deal

Broker

Swayzee Office Market Snapshot

Boundary boundary · Office · Sale transactions

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Deal FAQ

About $33 per square foot on a published $11M for 330,000 square feet (2024).

Visit Millennium Properties R/E to view all their deals.

Browse Swayzee office sales on Traded.

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

1.44%

Cash-on-Cash

-0.41%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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