(Read more on the industrial market.)
GARY, IN-Welsh Investments has purchased the 1.1 million sfGreat Lakes Industrial Center for $19.1 million. The building, at201 Mississippi Ave., was bought from CenterPoint Properties.
Welsh paid an unheard-of 15% cap rate for the property, saysKevin M. Lynch with Sperry Van Ness, which represented Welsh. "It'sa 20% cash-on-cash deal, in five years the whole investment is paidoff." The property is 73% occupied, and most of the tenants aresteel mill related, Lynch tells GlobeSt.com. The tenants includeMetal Processing, Wheeling-Pittsburg Steel, Ambrico Inc., CasterMaintenance and others. The facility features heavy power, craneswith more than 30 ton capacity, rail access, an outside truck scaleand a large land site for tractor trailer storage.
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