Midwest Industrial Development
In a joint venture with a Minnesota-based developer, Sundance Bay pursued the development of a speculative class A industrial portfolio in December 2021. The sponsor was a premier developer and market leader in industrial development in the Midwest. The market vacancy for each location is less than 4%, and the projected rent growth will be >6% over the investment timeline.
Project Specs
Investment Date
December 2021
Investment Timeline
24 Months
Property Type
Ground Up Industrial Development
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Investment Summary
Total Cost
$91,000,000
Equity Investment
$13,500,000
NOI
$5,700,000
Exit Cap Rate
—
Tenant in Tow
—
Investment Returns
Projected Equity Multiple
1.50x – 1.60x
Realized Equity Multiple
—
Projected IRR
24% - 27%
Realized IRR
—
