Cinespace Chicago Film Studios Acquires Property From Crown Steel Sales At 3355 W 31st St
3355 W 31st St, Chicago, IL, 60623
Building Size
221,522 SF
Asset Type
Industrial
Closing
Nov 19, 2023
AI
The transaction involved an industrial building located at 3355 W 31st St, Chicago, IL, 60623. The property spans 221,522 square feet and sits on 7.3 acres. It features a clear height of 32 feet and includes 14 crane bays. The sale was arranged for an undisclosed price within the Chicago market.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: Undisclosed
- Address: 3355 W 31st St, Chicago, IL, 60623
- Market: Chicago
- Buyer: Cinespace Chicago Film Studios
- Seller: Crown Steel Sales
- Buyer's Representative: Edward Wabick - Paine/Wetzel TCN Worldwide
- Seller's Representatives: Steve Kohn and Mike Senner - Colliers International
- Square Footage: 221,522
- Lot Size: 7.3 acres
- Building Features: Clear height of 32 feet, 14 crane bays
Edward Wabick represented Cinespace Chicago Film Studios in the acquisition, while Steve Kohn and Mike Senner represented Crown Steel Sales in this transaction. Cinespace focuses on the development, management, and operation of studio facilities, indicating a strategic move in expanding their operational base.
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