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New FedEx Ground Distribution Building 3620 Borgen Dr 217,323 SF 4-Star Industrial Building Danville, IL 61834 $51,762,119 CAD ($238.18 CAD/SF) 6.50% Cap Rate
INVESTMENT HIGHLIGHTS
- Cash on Cash Year 1 - 7.33% / Cash on Cash Beginning Month 25 - 8.14%
- 7 Year + Remaining Term
- 2X Operational Expansion Capability within the Building
- 10 Year Original Lease Term
- FedEx S&P BBB Bond Rating
- Multiple Global Brand Manufacturing and Distribution Facilities in Danville
EXECUTIVE SUMMARY
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.
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.
PROPERTY FACTS
| Price | $51,762,119 CAD | Rentable Building Area | 217,323 SF |
| Price Per SF | $238.18 CAD | No. Stories | 1 |
| Sale Type | Investment NNN | Year Built | 2023 |
| Cap Rate | 6.50% | Tenancy | Single |
| Property Type | Industrial | Parking Ratio | 0.2/1,000 SF |
| Property Subtype | Distribution | Clear Ceiling Height | 32’ |
| Building Class | A | No. Dock-High Doors/Loading | 44 |
| Lot Size | 42.57 AC | ||
| Zoning | I - Industrial | ||
| Price | $51,762,119 CAD |
| Price Per SF | $238.18 CAD |
| Sale Type | Investment NNN |
| Cap Rate | 6.50% |
| Property Type | Industrial |
| Property Subtype | Distribution |
| Building Class | A |
| Lot Size | 42.57 AC |
| Rentable Building Area | 217,323 SF |
| No. Stories | 1 |
| Year Built | 2023 |
| Tenancy | Single |
| Parking Ratio | 0.2/1,000 SF |
| Clear Ceiling Height | 32’ |
| No. Dock-High Doors/Loading | 44 |
| Zoning | I - Industrial |
UTILITIES
- Lighting
- Water
- Sewer
1 1
PROPERTY TAXES
| Parcel Number | 24-18-300-029 | Improvements Assessment | $6,866,019 CAD |
| Land Assessment | $550,047 CAD | Total Assessment | $7,416,066 CAD |
PROPERTY TAXES
Parcel Number
24-18-300-029
Land Assessment
$550,047 CAD
Improvements Assessment
$6,866,019 CAD
Total Assessment
$7,416,066 CAD
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New FedEx Ground Distribution Building | 3620 Borgen Dr
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