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
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