Expeditors International Leases 669914 Square Feet From Bridge Industrial In Melrose Park
10400 W North Ave, Melrose Park, IL...
Building Size
669,914 SF
Asset Type
Industrial
Closing
Nov 19, 2023
AI
The property asset involved in the transaction is a new facility located at 10400 W North Ave, Melrose Park, IL, comprising a total square footage of 669,914. The market for this property is Melrose Park. It is part of the Bridge Point Melrose Park industrial development, which spans 87 acres and is currently 86% pre-leased.
Summary of transaction details:
- Property Type: Lease
- Transaction Amount: Not specified
- Tenant: Expeditors International
- Landlord: Bridge Industrial
- Tenant's Representative: Andrew Mager, Jimmy Kowalczyk - CBRE
- Landlord's Representative: Brian Carroll & Charlie Kenning - JLL
- Broker: Dan McGillicuddy - JLL
- Address: 10400 W North Ave, Melrose Park, IL
- Total Square Feet: 669,914
Bridge Industrial announced the signing of two new leases at Bridge Point Melrose Park with CEVA Logistics and Expeditors International. Bridge secured a loan on the project from CIBC in 2021. Dan McGillicuddy, Charlie Kenning, and Brian Carroll of JLL represented Bridge in both transactions, while Jason Lev and Jimmy Kowalczyk of CBRE represented CEVA, with Jeffrey Kernochan and Andrew Mager of Fischer representing Expeditors.
Players
Melrose Park Industrial Market Snapshot
Boundary boundary · Industrial · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93