Midwest Industrial Funds Leases 75000 Square Feet To Tenant At 1359 Ridgeview Dr McHenry
1359 Ridgeview Dr, McHenry, IL, 60050
Building Size
75,000 SF
Asset Type
Industrial
Closing
Nov 19, 2023
AI
The property involved in this lease transaction is located at 1359 Ridgeview Drive, McHenry, IL, 60050. It is a 75,000-square-foot industrial building, previously a Motorola production site. The structure has a clear height of 28 feet and is owned by Midwest Industrial Funds. Renovations are planned to enhance the office space and increase air conditioning capacity.
Summary of transaction details:
- Property Type: Industrial Lease
- Transaction Amount: Not specified
- Address: 1359 Ridgeview Dr, McHenry, IL, 60050
- Market: McHenry
- Tenant: Superior Felt & Filtration
- Landlord: Midwest Industrial Funds
- Tenant's Representatives: Daniel Benassi - Entre Commercial Realty, Daniel T. Jones - Entre Commercial Realty
- Square Feet: 75,000
Representing the tenant, Superior Felt & Filtration, in this lease transaction were Daniel Benassi and Daniel T. Jones from Entre Commercial Realty. The lease was finalized as SFF expands its operations due to increased demand for personal protection equipment related to the coronavirus pandemic.
Players
McHenry 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