Nova Medical Products Signs 91,956 SQ Ft Lease At Park 88 Logistics Center In North Aurora
Building Size
91,956 SF
Asset Type
Industrial
Closing
Nov 15, 2023
AI
Nova Medical Products, a medical equipment manufacturer, has signed a lease agreement for a 91,956 sq ft industrial property in North Aurora, IL. The facility, located at 410 Smoketree Plaza, is part of the Park 88 Logistics Center and is classified as Class A. The lease was arranged by Lee & Associates and completion is expected in Q2 2024. With this relocation, Nova will occupy approximately 55% of the 165,928 sq ft facility, moving from their current location in McCook, IL.
Summary of transation details
- Property Type: Industrial
- Transaction Amount: Not available
- Address: 410 Smoketree Plaza
- Market: North Aurora
- Size: 91,956 sq ft
The landlord for the property is TradeLane Properties, with Neil P. Doyle representing the company. Sue Chen is the tenant, Nova Medical Products. NAI Hiffman, specifically Jack Brennan and John Whitehead, served as the landlord's representatives in the lease negotiation. On the tenant's side, John Cassidy and Kenneth Franzese, both from Lee & Associates, represented Nova Medical Products.
Players
Market 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