Updated Oct 29, 2024
Stag Industrial Acquires 400K SF Warehouse Development In West Chicago For $41M
537 Discovery Drive
$41,000,000
$102/SF
Building Size
400,000 SF
Asset Type
Industrial
Closing
Aug 11, 2023
About this deal
AI
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.
On the Map
$41,000,000
$102/SF
Industrial
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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
0.39%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93