GCP Acquires Industrial Property In Southwest Side, Chicago From Conor Commercial With Amazon As Tenant
3507 West 51st Street, Chicago, IL, USA
$42,000,000
$132/SF
Building Size
316,550 SF
Asset Type
Industrial
Closing
Dec 23, 2020
AI
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.
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
0.38%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93