Karis Cold Storage Acquires Industrial Property In Chicago For $7.5 Million With John's Rep
SOLD
$7,500,000
Illinois
See Similar DealsIndustrial42,000 SF
SOLD
Karis Cold Storage Acquires Industrial Property In Chicago For $7.5 Million With John's Rep
5115 S Millard Ave, Chicago, IL, 60632
See Similar DealsIndustrial42,000 SF
Summary
ILLINOIS
Asset Type:Industrial
Price Per Square Foot:$178
Total Square Footage:42,000 SF
Transaction Type:Sale
The property involved in this transaction is a cold storage building located at 5115 S. Millard Ave, Chicago, IL, 60632. The building spans 42,000 square feet and was sold for $7,500,000. It is situated in the Chicago market, specifically within the Brighton Park neighborhood, and was built in 2016.
Summary of transaction details:
- Property Type: Cold Storage
- Transaction Amount: $7,500,000
- Address: 5115 S Millard Ave, Chicago, IL, 60632
- Square Footage: 42,000
- Buyer: Karis Cold Storage
- Buyer's Representative: John Basile - NAI Hiffman
In addition to facilitating the sale, NAI Hiffman also negotiated a six-year lease with the tenant, Moesle Meat Co. The buyer, Karis Cold Storage, is a newly launched private investment and development company based in Chicago.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$400,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$26,645.91
Cash-on-Cash Return-1.27%
Monthly Debt Service$35,553.83
Annual Debt Service$426,645.92
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