"The plan was always to build a spec building there and fill it up," Tim Hennelly, VP of development for Ryan's Chicago office, tells GlobeSt.com. "As a developer in that park, we thought the cap rates were starting to notch up a little bit, and I think that's come to be true. We thought we'd strike while the iron was hot, before the cap rates really notched up."

The cap rate on the deal was 7.35% for the first 12 months. Rent is slated to increase by 2.5% per year for the remainder of Iron Mountain's decade-long lease. The building was marketed for around $5.25 per square foot net, but Hennelly says Iron Mountain got a lower rate because of leasing the entire property.

The property was originally undertaken as a build-to-suit deal, which eventually fell through. The building sat vacant from its completion in summer 2008 until Iron Mountain's lease earlier this year. The facility offers proximity to the Northwest Tollway, five percent office space, two drive-in doors, 30-foot clear ceilings, ESFR sprinkler systems, and eight exterior docks, expandable to 22.