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Opus Development And Principal Asset Management Sell Tollway Corporate Center In North Aurora For $75M, Colliers Brokers The Deal

Property Image
SOLD
$75,000,000
Steven (Steve) Disse
Jeff Devine

Illinois

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Industrial1,297,232 SF
Sold 12/06/2023
the dealplayerscompscontact
Property Image
SOLD

Opus Development And Principal Asset Management Sell Tollway Corporate Center In North Aurora For $75M, Colliers Brokers The Deal

310 Overland Drive & 300 Overland Drive

See Similar Deals
Industrial1,297,232 SF
Sold 12/06/2023
Steven (Steve) Disse
Jeff Devine
the dealplayerscompscontact
Contact now

Summary

ILLINOIS
Asset Type:Industrial
Price Per Square Foot:$57
Total Square Footage:1,297,232 SF
Transaction Type:Sale

The Tollway Corporate Center in Aurora, located at 310 Overland Drive and 300 Overland Drive, has been sold in two transactions for a total sale price of $75,000,000. The industrial property consists of two buildings, with a combined total square footage of 648,616. The sale price per square foot is $116. Colliers International represented the seller, a joint venture between Opus Development and Principal Asset Management.

Summary of transaction details

  • Property Type: Industrial
  • Transaction Amount: $75,000,000
  • Square Footage: 648,616
  • Price Per Square Foot: $116
  • Address: 310 Overland Drive & 300 Overland Drive
  • Market: North Aurora

Jeff Devine and Steve Disse from Colliers International served as the brokers for the transaction. The property was sold to a large financial institution and The Brimel LLC. This sale was a result of the efforts of Colliers International in representing the seller, Opus Development and Principal Asset Management, in the joint venture.

Players

Jeff Devine
Colliers
Jeff Devine
10 deals$696.3M volume
BROKER
Steven (Steve) Disse
Colliers
Steven Disse
7 deals$566.1M volume
BROKER

Details

SOLD
IMAGE: Matt Rauenhorst, Patrick G. Halter, Jeff Devine & Steve Disse DATE: 12/06/2023 ADDRESS: 310 Overland Drive & 300 Overland Drive MARKET: North Aurora ASSET TYPE: Industrial SELLER: Opus Development - Matt Rauenhorst; Principal Asset Management - Patrick G. Halter BROKERS: Jeff Devine & Steve Disse - Colliers International (@ColliersInternational) SALE PRICE: $75,000,000 SF: 648,616 ~ PPSF: $116 NOTE: Colliers brokered the $75 million sale of Tollway Corporate Center in Aurora in two transactions. The industrial property, comprising two buildings totaling 543,638 square feet and 104,978 square feet, was sold to a large financial institution and The Brimel LLC, with Colliers representing the seller, a joint venture between Opus Development and Principal Asset Management.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$4,000,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$266,459.15
Cash-on-Cash Return-1.27%
Monthly Debt Service$355,538.26
Annual Debt Service$4,266,459.16