My 1st CRE deal-18700 Sq ft Class A mixed office/warehouse/manufacturing bldg with NNN lease Tenant. Any advice appreciated
I've been reading this sub for a little while now and have really appreciated the thoughtful advice for beginners on other posts. With that said, I've started my 1st project, a commercial property in northern Illinois in a Class A industrial park.  18,700 Sq FT building consisting of ~15% office space and remainder warehouse/manufacturing.  The current tenant is actually a company I am affiliated with (NNN lease through 2025), so very comfortable from a management/property familiarity standpoint.

The tenant company needs the building expanded to double the footprint for their manufacturing operations.  
My plan is to take a line on the property (~80%LTV), expand the property under new 10yr NNN lease, and then sell on completion. Managing the project from out of state but I have plenty of local supporting resources (including the tenant team).  Just starting out, so really appreciative of anything to potentially look out for in the coming weeks/months/(hopefully not but prepared for) years.
[{"id": "hujs19n", "text": "If you are going to do construction in doubling the building footprint it's probably going to take 1-2 years between your architect doing drawings, obtaining permits from the local bureau of development services, and construction.  So I'd say you are in this for at least that long.  Also, sounds like you are in an industrial park so I'd check the CCR's of that park to make sure you can do what you wanna do before spending a bunch of money on architects.", "replies": [{"id": "hul3xh6", "text": "Appreciate the tips!", "replies": [], "depth": 2}], "depth": 1}, {"id": "hukykvc", "text": "I\u2019m in Chicago and NNN industrial is absolutely through the roof. Just sit back and collect checks. Nice work. Curious what the municipality and approx price/SF if you don\u2019t mind sharing", "replies": [{"id": "hul446v", "text": "The property is in Lake County, Illinois, current $/SF ~$5.90", "replies": [{"id": "hul50zc", "text": "I think as long as the expansion doesn\u2019t mess up your ingress/egress and truck docks then you should be good. Ideally the parcel was designed to have a larger footprint. \n\nBut the underlying asset is pretty valuable. Even vacant it would probably sell for $80-$100/SF in this market", "replies": [{"id": "hul6nph", "text": "Agreed, my thoughts as well, expansion wall is on back of property (expanding into now empty parking lot). \n\nAnd good to know about market pricing now. I got the building on a purchase option I called after 5 yrs, so I know I bought at a good price (&gt;$250k under appraisal value).", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "hulx8g8", "text": "Have you already arranged that financing? Construction over certain thresholds (depending on lender &amp; location) is much more complicated.", "replies": [{"id": "hurox3m", "text": "Terms subject to closing documentation checks have been issued and agreed", "replies": [], "depth": 2}], "depth": 1}]