Podolsky Circle CORFAC International announced the sale and financing of 300 Millennium Drive in Crystal Lake, Illinois. The fully-leased property was sold by a local investor for $8,050,000 to MR Michigan, LLC.
The Podolsky Circle middle market investment advisory team—comprised of managing principal Alissa Adler, principal John Homsher, CCIM and senior vice president Paul Tesdal, along with executive vice president, Steven H. Podolsky, SIOR—represented the buyer in the transaction and also secured financing of approximately 75 percent loan-to-value from a local bank on behalf of the client.
The 92,453-square-foot, single-tenant industrial property features 100 percent air conditioning, 3,200 amps of power, computer-controlled security access, 21-foot ceilings, office and assembly space, as well as three truck docks and three drive-in doors.
The high-tech property is located off Route 176, just west of Route 31. 300 Millennium Drive is currently 100-percent occupied by National Gift Card (NGC), an automated gift card provider and fulfillment company serving the B2B loyalty, rewards and incentive marketplace. In 2018, 300 Millennium Drive was expanded to accommodate NGC’s growth from approximately 53,000 square feet to 92,453 square feet to make room for the addition of its three new state-of-the-art gift card fulfillment machines.
“This was an excellent investment opportunity for our client, given 300 Millennium’s desirable location and its 100 percent occupancy,” said Tesdal. “The property’s long-term tenancy with NGC and the firm’s recent expansion at the property further solidified it as a great fit for the buyer’s portfolio.”