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Pablo Barreiro Of FORTEC Acquires Industrial Asset In Vernon Hills For $1.7M
SOLD
$1,700,000
Illinois
See Similar DealsIndustrial15,040 SF
Sold
SOLD
Pablo Barreiro Of FORTEC Acquires Industrial Asset In Vernon Hills For $1.7M
401 Sullivan Drive
See Similar DealsIndustrial15,040 SF
Sold
Summary
ILLINOIS
Asset Type:Industrial
Price Per Square Foot:$113
Total Square Footage:15,040 SF
Transaction Type:Sale
The property involved in this transaction is a former ambulance warehouse located at 401 Sullivan Drive, Vernon Hills, IL, which spans 15,040 square feet. The sale price was $1,700,000, resulting in a price per square foot of $113.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $1,700,000
- Address: 401 Sullivan Drive
- Market: Vernon Hills
- Square Footage: 15,040
- Price Per Square Foot: $113
- Buyer: Pablo Barreiro - FORTEC
- Broker: Milo Spector - NorthMarq
Fortec is planning a redevelopment of the acquired property into The Nest School-Vernon Hills as part of a $5 million project expected to launch in spring 2026. This marks Fortec's fourth lease agreement with The Nest Schools, which operates over 50 early education locations.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$90,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$6,039.73
Cash-on-Cash Return-1.27%
Monthly Debt Service$8,058.87
Annual Debt Service$96,706.41
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