Marcus & Millichap is pleased to present the opportunity to acquire the property located at 6582 Revlon Drive in Belvidere, Illinois, leased to Emergency Service Partners, LLC. The subject property consists of approximately 17,000 square feet of warehouse space and is situated on 1.26 acres of land. The single-tenant asset features a clear height ranging from 11’ to 17’, two dock-high doors (including one set in a truck well), two grade-level doors, and four HVAC units. Positioned between U.S. Route 20 Business and Interstate 90, the property sits 14 miles northeast of Chicago Rockford International Airport. For sale at $47 per square foot, the property can be acquired well below replacement costs. The current landlord is the former owner-user of Paul Davis Restoration and Remodeling which was sold to the tenant in place. Emergency Service Partners is signed to a short-term gross lease through May 2025 with no renewal option. Upon the sale of the property, the new owner can execute a 60-day lease termination, making this sale ideal for owner use or lease-up opportunity.
The subject property is located just outside of the Chicago market in Boone County, a relatively small submarket containing 10.9 million square feet of industrial space. Last year’s 1.3-million-square-foot General Mills Distribution facility was the largest delivery to Boone County in more than 50 years. Walmart plans to become the submarket’s third largest property with the proposal of its 1.2-million-square-foot cold storage warehouse. During the second quarter of 2024, the vacancy rate slipped to 2.8 percent, representing half the 5.5 percent Chicago market average. Despite availability remaining tight in Boone County, annual rent growth continued to slow by 80 basis points over the course of Q2 to 4.4 percent. Market rents averaged about $5.80 per square foot in Q2, offering tenants a 40.0 percent discount to the Chicago market average. With 550,000 square feet of industrial space under construction, Boone County’s inventory is set to expand by 5.0 percent (CoStar).
Known as the Greater Chicagoland area, Chicago-Naperville-Elgin is the third largest metro in the nation. The metro houses 9.5 million people, including 2.7 million residents within the city of Chicago. The number of corporate headquarters in Chicago is second only to New York City and is home to 33 Fortune 500 companies. Thanks to eight commercial and passenger rail lines, the Port of Chicago, three international airports, and a vast network of freeways, Chicago is a major distribution and logistics hub. The local economy and workforce are highly diverse, supported largely by distribution, finance, manufacturing, and high-tech industries. As a multicultural city that thrives on the harmony and diversity of its neighborhoods, Chicago boasts 100 neighborhoods, 77 community areas, 50 wards, and eight major league sports teams, including two MLB teams. Chicago is a leader in reforming public schools, enhancing public safety and security initiatives, providing affordable housing in attractive and economically sound communities, ensuring accessibility for all, and fostering, social, economic, and environmental sustainability (Chicago.gov).
BROKER OF RECORD
Steven Weinstock
Illinois Broker of Record
One Mid America Plaza, Suite 200
Oakbrook Terrace, IL 60181
Tel: (630) 570-2200
Steven.Weinstock@MarcusMillichap.com
License: 471.011175
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2024 Marcus & Millichap. All rights reserved. (Activity ID: ZAE0370254)
