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450 Congress Parkway

Thinnes Transport Renews 91K SF Lease At 450 Congress Parkway In Crystal Lake
LEASEDIndustrial

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

Kenneth Franzese

Lee & Associates

Broker

$9.2M

vol

15 deals

Broker
Benjamin Butcher

Benjamin Butcher

Stag Industrial

Landlord

$217.9M

vol

7 deals

Landlord
SL
Stag Industrial Holdings LLCLandlord

Crystal Lake 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