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250 N Washtenaw Ave, Chicag...

Faropoint Acquires 250 Washtenaw Ave Industrial Facility In Chicago
SOLDIndustrial

Faropoint Acquires 250 Washtenaw Ave Industrial Facility In Chicago

250 N Washtenaw Ave, Chicago, IL, 6...

Building Size

46,000 SF

Asset Type

Industrial

Closing

Nov 22, 2023

AI

The industrial facility at 250 N Washtenaw Ave in Chicago, IL, measuring 46,000 square feet, was acquired by Faropoint for an undisclosed sum. The property, a single-tenant building constructed in 1925, features two dock-high doors and a freezer/cooler build-out in the Kinzie Industrial Corridor.

Summary of transaction details:

  • Property Type: Industrial
  • Transaction Amount: Undisclosed
  • Address: 250 N Washtenaw Ave, Chicago, IL
  • Market: Chicago
  • Buyer: Faropoint
  • Buyer's Rep: Sean Austin (Colliers International)
  • Seller: Unknown
  • SF: 46,000

Sean Austin, who represents both the buyer and seller, facilitated the acquisition of the property at 250 Washtenaw Ave. Jordan Kovalsky, overseeing Faropoint's Midwest operations, expressed the company's strategic move to be closer to the populous areas in Chicago. Austin highlighted the significance of Faropoint's investment in the Kinzie Industrial Corridor, emphasizing the area's appeal to institutional capital targeting infill industrial assets near key business districts.

Players

Sean Austin

Lee & Associates

Broker

2 deals

Broker
Faropoint
FaropointBuyer

Chicago Industrial Market Snapshot

Boundary boundary · Industrial · Sale 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