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401 Sullivan Drive

Pablo Barreiro Of FORTEC Acquires Industrial Asset In Vernon Hills For $1.7M
SOLDIndustrial

Pablo Barreiro Of FORTEC Acquires Industrial Asset In Vernon Hills For $1.7M

401 Sullivan Drive

$1,700,000

$113/SF

Building Size

15,040 SF

Asset Type

Industrial

Closing

Sep 2, 2025

AI

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.

Players

Milo Spector

Essential Capital Advisors

Broker

$42.3M

vol

6 deals

Broker
NorthMarq
NorthMarqBrokerage
FORTEC
FORTECBuyer
FORTEC
FORTECBuyer

Vernon Hills Industrial Market Snapshot

Boundary boundary · Industrial · Sale transactions

Loading comparables…

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

9.33%

Cash-on-Cash

-2.67%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93