Steve Skok, director of capital markets for Chicago-based Cohen Financial, arranged the financing for the Franke Family through Jefferson Pilot Financial of Greensboro, NC. The $6.5-million loan represented 65% of the purchase price. The 10 year-loan is amortized over 20 years and comes with a 7.25% interest rate, Skok says.
CB Richard Ellis' Patrick Feeney, who co-brokered the land sale and leases, says convenience store chain, Circle K, holds a 10-year lease for 185,000 sf. Western Molding is leasing the balance for a six-year term. The property is located in the Ryan West Business Park near Loop 101. The Chicago investors bought the two-tenant distribution center from developer Ryan Cos. of Minneapolis.
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