The Doughty Industrial Group of Marcus & Millichap is pleased to present the fee-simple sale offering of 800 S Gilbert Street, Danville, Illinois a fully occupied multi-tenant industrial building. The property resides directly the Interstate 74 and U.S. Route 150 interchange.
The 175,050 square foot property consists of two units, suite A which is 85,050 square feet and suite B which is 90,000 square feet. Suite A is occupied by Thyssenkrupp Crankshaft (TKAMY: OTCMKTS) while suite B is occupied by Dawson Logistics, LLC. Both tenants are operating on Modified Gross lease structures with Thyssenkrupp being significantly under market at $2.15/SF Modified Gross. Both Thyssenkrupp and Dawson Logistics have renewed their leases early showing commitment to the property.
The acquisition of this offering provides an investor with the opportunity to acquire a stabilized industrial asset with significant future upside. At the current list price of $4,800,000 the investment generates a NOI of $493,568 which equates to a capitalization rate of 10.28%.