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550 N Commons Dr, Aurora, I...

Orbit Medical Leases Office Space At 550 N Commons Dr, Aurora
LEASEDOffice

Orbit Medical Leases Office Space At 550 N Commons Dr, Aurora

550 N Commons Dr, Aurora, IL, 60504

Building Size

15,233 SF

Asset Type

Office

Closing

Mar 26, 2019

AI

The property at 550 N Commons Dr in Aurora, IL, 60504, is an office and industrial space spanning 15,233 square feet. The asset is part of the Meridian Tech Center, developed in 1984, along with the adjacent property at 600 N. Commons Dr. Clear Height Properties, the landlord, completed a lease with Orbit Medical, a Medicare-contracted supplier of medical equipment.

Summary of transaction details:

Orbit Medical, a company specializing in medical equipment, is relocating from Naperville, IL, to Aurora, IL. The firm has more than 125 employees servicing over 30,000 patients annually and operates in multiple locations across the Midwest. Clear Height Properties, the landlord, completed substantial tenant improvements for Orbit Medical, ensuring a smooth transition for the company's operations.

Players

Victor Sanmiguel

Bespoke Commercial Real Estate

Broker

4 deals

Broker
Clear Height Properties
Clear Height PropertiesLandlord

Aurora Office Market Snapshot

Boundary boundary · Office · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93