Thinnes Transport Renews 91K SF Lease At 450 Congress Parkway In Crystal Lake
450 Congress Parkway
Building Size
91,267 SF
Asset Type
Industrial
Closing
Dec 10, 2023
AI
A 91,267-square-foot lease renewal has been secured for Thinnes Transport at 450 Congress Parkway in Crystal Lake, Illinois. The industrial property, located in the Crystal Lake market, is owned by STAG Industrial Holdings and has been chosen by Thinnes Transport due to its valuable infrastructure.
Summary of transation details
- Property Type: Industrial
- Transaction Amount: Not specified
- Address: 450 Congress Parkway, Crystal Lake, Illinois
- Market: Crystal Lake
- Square Footage: 91,267
Thinnes Transport, Inc, a family-owned logistics company, has decided to remain in its current location due to the building's infrastructure value. The lease renewal deal was facilitated by John Cassidy, John M. Joyce, and Kenneth Franzese of Lee & Associates, who were the representatives for Thinnes Transport. Representing the landlord, STAG Industrial Holdings, was Daniel T. Jones of Entre Commercial Realty.
Note: The lease renewal was secured with the assistance of Lee & Associates, as Thinnes Transport opted to stay in its current location because of the building's infrastructure value. Dan Jones of Entre Commercial represented the landlord, STAG Industrial Holdings, in the deal.
Players
Crystal Lake Industrial Market Snapshot
Boundary boundary · Industrial · Lease transactions
Loading comparables…
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