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Re: The Walkway - (1312 West Lake Street)

Posted: October 9th, 2018, 3:28 pm
by mattaudio
Walkway sold at a loss.
https://finance-commerce.com/2018/10/j- ... at-a-loss/
The Walkway, a 92-unit mixed-use luxury building at 1320 W. Lake St., was sold Sept. 26 for $33.6 million in cash to an entity connected to Friedkin Realty Group of San Francisco. The apartment portion sold for $28.82 million and the 23,000 square feet of ground-floor retail for $4.77 million, according to certificates of real estate value made public Monday.

The transaction appears to represent a heavy loss for New York-based J.P. Morgan, which paid $53.75 million for the property in 2015. In that sale, J.P. Morgan paid $40.25 million for the apartment portion, a then-record of $437,500 per unit, and $13.5 million for the attached retail space, or $587 per square foot.

Re: The Walkway - (1312 West Lake Street)

Posted: October 9th, 2018, 7:38 pm
by datasage
It would appear that JP Morgan probably overpaid for the property in the first place.

Re: The Walkway - (1312 West Lake Street)

Posted: October 10th, 2018, 9:17 am
by KML_1981
Must be the outrageous maintenance bills for the hot tub

Re: The Walkway - (1312 West Lake Street)

Posted: October 10th, 2018, 10:26 am
by Bob Stinson's Ghost
KML_1981 wrote:
October 10th, 2018, 9:17 am
Must be the outrageous maintenance bills for the hot tub
That would be hilarious, but it's most likely just a consequence of the rapid rise of interest rates, and the increased balance sheet scrutiny which will come with the recession.

Re: The Walkway - (1312 West Lake Street)

Posted: October 10th, 2018, 11:02 am
by MNdible
They definitely overpaid. I remember at the time people were scratching their heads about the sales price being way beyond what the rest of the market was doing.

Re: The Walkway - (1312 West Lake Street)

Posted: October 14th, 2018, 8:52 pm
by LyndaleHoosier
...and will they ever keep all the retail fully occupied at any point in time? :(

Re: The Walkway - (1312 West Lake Street)

Posted: October 15th, 2018, 4:38 pm
by Chef
I've been in there a few times. It seemed to me that most of the luxury finishes in the building are just cheap, flimsy veneer and are already aging poorly.

Re: The Walkway - (1312 West Lake Street)

Posted: October 15th, 2018, 4:52 pm
by seanrichardryan
*shocked*