Updated Jan 21, 2025
Michael Arougheti Of Ares Management Corp Acquires 356000 SF Industrial Property In Aurora For Over $70M
2200 Sullivan Road
Building Size
356,000 SF
Asset Type
Industrial
Closing
Jan 10, 2025
About this deal
AI
A 356,000-square-foot industrial property located at 2200 Sullivan Road in Aurora has been sold for over $70 million. The property, developed by Panattoni in 2022, was reported to be 75% leased at the time of the sale.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: Over $70 million
- Address: 2200 Sullivan Road
- Market: Aurora
- Buyer: Michael Arougheti - Ares Management Corp
- Seller: Adon Panattoni & Carl Panattoni - Panattoni
- Broker: Nick Krejci & Noel Liston - Core Industrial Realty
The sale was brokered by Core Industrial Realty, who also retains the leasing rights for the property following the transaction.
On the Map
Industrial
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Aurora Industrial Market Snapshot
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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