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.
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