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501 West Lake Street

Hummingbird Pediatric Therapies Leases 10,523 SF At 501 W. Lake St
LEASEDIndustrial

Hummingbird Pediatric Therapies Leases 10,523 SF At 501 W. Lake St

501 West Lake Street

Building Size

10,523 SF

Asset Type

Industrial

Closing

Apr 25, 2024

AI

The industrial property located at 501 West Lake Street in Elmhurst, spanning 10,523 square feet, has been leased to Hummingbird Pediatric Therapies. This new lease marks the third location for Hummingbird in suburban Chicago, with the establishment of their Hummingbird Therapy & Enrichment Elmhurst Center. Renovations are currently ongoing at the site, with an expected opening in the summer. The tenant's representative for this transaction was Aubrey Englund of NAI Hiffman, while the landlord's representative was Norm Murdoch from Bradford Allen.

Summary of transation details:

  • Property Type: Industrial
  • Transaction Amount: Not disclosed
  • Address: 501 West Lake Street
  • Market: Elmhurst
  • Tenant: Christina Scalise-Morrissey - Hummingbird Pediatric Therapies
  • Landlord's Rep: Norm Murdoch - Bradford Allen
  • Tenant's Rep: Aubrey Englund - NAI Hiffman

Hummingbird Pediatric Therapies, through their representative Aubrey Englund, secured the lease for their new center in Elmhurst. The undisclosed landlord was represented by Norm Murdoch of Bradford Allen in this transaction, facilitating the expansion of Hummingbird's presence in the suburban Chicago region.

Players

Aubrey Englund

NAI Global

Broker

$4.7M

vol

2 deals

Broker

Elmhurst 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