Prologis Leases 38169 Square Feet Industrial Space To Commercial Stainless Services Inc In Itasca
1401 Glenlake Avenue
Building Size
38,169 SF
Asset Type
Industrial
Closing
Jul 15, 2024
AI
The property asset involves a 38,169-square-foot industrial building located at 1401 Glenlake Avenue in the Itasca market. This facility is strategically situated near O'Hare International Airport and provides access to major interstates, making it suitable for commercial operations.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: Not disclosed
- Address: 1401 Glenlake Avenue
- Market: Itasca
- Landlord: Hamid Moghadam - Prologis
- Tenant: Commercial Stainless Services, Inc.
- Brokers: Calvin Gunn, Christopher Nelson & Jeffrey Janda - Lee & Associates
- Lease Date: 07/15/2024
Lee & Associates represented both the landlord, Prologis, and the tenant, Commercial Stainless Services, Inc. in this lease transaction. The tenant is relocating its operations from Elk Grove Village to the newly leased facility.
Players
Itasca 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