CHICAGO, IL, Sept.16, 2011 – David Wells (top right photo), a Senior Associate in the Miami office of Marcus & Millichap’s Real Estate Investment Services National Retail Group, the nation’s largest real estate investment services firm, has successfully represented one of the largest foreign banking institutions in the world in a $7.1 million all cash transactions of a Chase Bank located in downtown Chicago. The purchase price equates to a 6.5% cap rate.
Bruce Harris, Vice President of Investments, of the firm’s Chicago office exclusively represented the seller.
The acquisition is representative of a trend in foreign capital flooding the shores of the US in what is perceived as an opportune time for reinvestment in US real estate.
“The demand from my foreign clients, predominantly institutions as well as private individuals, from South America has drastically increased over the past six months,” says Wells.
“We have spent a tremendous amount of time underwriting and analyzing assets for the past year with our foreign clients. Now they have just begun to take the next step and execute their foreign investment strategy as they have seen the US market stabilize.
“They view the US market as poised for a turnaround and an excellent hedge against overheated foreign commercial real estate market conditions.”
The asset acquired is a fee simple 8,500 square foot Chase Bank on the ground floor of a 35 story condo tower with vertical separation located in the heart of downtown Chicago on the corner of Dearborn and State Street.
“Absolutely irreplaceable real estate with an S&P A rated credit tenant with significant term, options and increases in the lease,” says Wells.
“Our firm’s national platform and impeccable track record of performance in assisting our client’s in achieving their investment goals has awarded us with the prestigious assignment of working with such high level foreign clients.
"We are actively working diligently with them to acquire an additional $100 - $200 million in US commercial real estate over the next twelve months.”
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For additional information contact David Wells: 305-498-6095
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