3620 Borgen Dr - Distribution FOR SALE


Danville, IL 61834
$37,375,800 USD
415-677-0458
3620 Borgen Dr, Danville, IL for Sale
$37,375,800 USD
Distribution - FOR SALE
1/8
null | 6.5% Cap Rate

3620 Borgen Dr
Danville, IL 61834


HIGHLIGHTS

  • Cash on Cash Year 1 - 7.33% / Cash on Cash Beginning Month 25 - 8.14%
  • 10 Year Original Lease Term
  • 7 Year + Remaining Term
  • FedEx S&P BBB Bond Rating
  • 2X Operational Expansion Capability within the Building
  • Multiple Global Brand Manufacturing and Distribution Facilities in Danville

OVERVIEW

To receive the offering memorandum, please contact Matthew Kingsley (matthew.kingsley@cushwake.com) (415) 306-2203 Cushman & Wakefield is pleased to offer for sale a new, fully leased +/-217,323 sq. ft. concrete tilt up distribution building in Danville, IL. The building was completed in September 2022 and rent commenced October 1st, 2022. The building was fully leased to FedEx Ground Package System, Inc. (“FedEx Ground”) for 10 years with 5.00% rent increases every 5 years. The tenant is responsible for the cost of all operating expenses except for roof and structural maintenance, and repairs. FedEx Ground is a leading shipper of small packages in North America with approximately 450 facilities in the U.S. FedEx Ground’s average daily shipping volume was 9.2 million packages per day in Fiscal Year 2024. FedEx Ground is the second largest subsidiary of FedEx Corporation (NYSE: FDX) with $34 billion in annual subsidiary Revenues. FedEx Ground is the parent company’s fastest growing subsidiary. FedEx Corporation is ranked #39 in the Fortune 500 and has a S&P BBB bond rating. The FedEx Ground subsidiary was merged into Federal Express Corporation on June 1, 2024. The lessee for the subject property is now Federal Express Corporation, which has an S&P BBB bond rating.

FOR SALE DETAILS

PRICE

$37,375,800 USD

PRICE/SF

$172 USD /SF

CAP RATE

6.5%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

New FedEx Ground Distribution Building

PROPERTY TYPE

Industrial

PROPERTY SUBTYPE

Distribution

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2023

UTILITIES

Lighting, Water, Sewer

CLEAR CEILING HT

32 Ft

DOCKS

44

DRIVE INS

-

PARKING SPACES

43

LAND DETAILS

LAND ACRES

42.57

LAND SF

1,854,349

ZONING

I

APN/PARCEL ID

24-18-300-029

ASK ABOUT THIS PROPERTY

Douglas LongyearCushman & WakefieldMore Info
415-677-0458

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Douglas LongyearCushman & WakefieldMore Info
415-677-0458

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.