GCP Acquires Industrial Property In Southwest Side, Chicago From Conor Commercial With Amazon As Tenant
SOLD
$42,000,000
Illinois
See Similar DealsIndustrial316,550 SF
Sold 12/24/2020
SOLD
GCP Acquires Industrial Property In Southwest Side, Chicago From Conor Commercial With Amazon As Tenant
3507 West 51st Street, Chicago, IL, USA
See Similar DealsIndustrial316,550 SF
Sold 12/24/2020
Summary
ILLINOIS
Asset Type:Industrial
Price Per Square Foot:$132
Total Square Footage:316,550 SF
Transaction Type:Sale
The property involved in this transaction is an industrial asset located at 3507 W. 51st Street, in the Southwest Side of Chicago. The property spans a total of 316,550 square feet and was sold for a price of $42,000,000, resulting in a price per square foot of $132. The seller in this transaction was Conor Commercial, while the buyer was GCP, represented by Alan Yang. The tenant of the property is Amazon, with Jeff Bezos as their representative.
Summary of transaction details
- Property Type: Industrial
- Transaction Amount: $42,000,000
- Address: 3507 W. 51st Street
- Market: Southwest Side, Chicago
- Square Footage: 316,550
- Price per Square Foot: $132
In this deal, GCP, represented by Alan Yang, purchased the industrial property from Conor Commercial for $42,000,000. The property is currently leased to Amazon, with Jeff Bezos serving as their representative. This sale marks a significant transaction in the Southwest Side market of Chicago.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,239,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$149,217.14
Cash-on-Cash Return-1.27%
Monthly Debt Service$199,101.43
Annual Debt Service$2,389,217.13
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