Updated Oct 29, 2024
Karis Cold Storage Acquires Industrial Property In Chicago For $7.5 Million With John's Rep
5115 S Millard Ave, Chicago, IL, 60632
$7,500,000
$178/SF
Building Size
42,000 SF
Asset Type
Industrial
Closing
Nov 20, 2023
About this deal
AI
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.
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
2.12%
Cash-on-Cash
-0.60%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93