facebook
Traded Co logo
Submit
Daily limit: 0/10

Stag Industrial Acquires 400K SF Warehouse Development In West Chicago For $41M

Property Image
SOLD
$41,000,000

Illinois

See Similar Deals
Industrial400,000 SF
Sold 08/11/2023
the dealplayerscompscontact
Property Image
SOLD

Stag Industrial Acquires 400K SF Warehouse Development In West Chicago For $41M

537 Discovery Drive

See Similar Deals
Industrial400,000 SF
Sold 08/11/2023
the dealplayerscompscontact
Contact now

Summary

ILLINOIS
Asset Type:Industrial
Price Per Square Foot:$102
Total Square Footage:400,000 SF
Transaction Type:Sale

Stag Industrial has acquired a 400,000-square-foot speculative warehouse development located at 537 Discovery Drive in West Chicago. The property was purchased from Midwest Industrial Funds for a total of $41 million. The industrial asset is situated on a spacious 23-acre site in the West Chicago market.

Summary of transaction details:

  • Property Type: Industrial
  • Transaction Amount: $41,000,000
  • Address: 537 Discovery Drive, West Chicago
  • Market: West Chicago
  • Acres: 23

The buyer in this transaction is Stag Industrial, represented by William Crooker. On the other side, Midwest Industrial Funds, represented by Justin Fierz and Michael Androwich, acted as the seller.

It is worth noting that the Chicago industrial market has experienced a slowdown due to increased supply, resulting in a significant 47% drop in leasing activities compared to the previous year's quarter.

Players

William R. Crooker
Stag Industrial
William R. Crooker
5 deals$97.1M volume
BUYER
MF
Midwest Industrial Funds
SELLER
MF
Midwest Industrial Funds
SELLER

Details

SOLD
IMAGE: Justin Fierz, William Crooker & Michael Androwich DATE: 08/11/2023 ADDRESS: 537 Discovery Drive MARKET: West Chicago ASSET TYPE: Industrial ~ ACRES: 23 BUYER: Stag Industrial - William Crooker SELLER: Midwest Industrial Funds - Justin Fierz & Michael Androwich SALE PRICE: $41,000,000 SF: 400,000 ~ PPSF: $103 NOTE: Stag Industrial has purchased a 400,000-square-foot speculative warehouse development in West Chicago for over $41 million from Midwest Industrial Funds. The Chicago industrial market is facing a slowdown with increased supply, leading to a 47% drop in leasing year-over-year last quarter.

Stay in the Know

Subscribe for insider commercial real estate news, deal highlights, and market insights—delivered straight to your inbox.

By subscribing, you agree to our Terms of Service and Privacy Policy.

Similar Deals

Contact

Get in touch with the broker you want

Suggestions
CRE CalculatorAnalyze deals based on income, expenses, and financing. We automatically filled the calculator with data from the deal you are viewing, fill free to modify it to see how it affects the results.
Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$2,186,666.66

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$145,664.35
Cash-on-Cash Return-1.27%
Monthly Debt Service$194,360.92
Annual Debt Service$2,332,331.01