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.
Swayzee Office Market Snapshot
Boundary boundary · Office · Sale transactions
Loading comparables…
Deal FAQ
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