Marcus & Millichap is pleased to present the opportunity to acquire the property located at 8133 189th Street in Mokena, Illinois. The subject property consists of approximately 16,190 square feet of warehouse space and is situated on 0.85 acres of land. The single-tenant asset features a 16’ clear height, two grade-level doors, two interior dock-high doors, three-phase power, 17 parking spaces, and roughly 13,000 square feet of industrial outdoor storage space. Currently occupied by Central Parts Warehouse, the property will be available for owner use or lease-up effective May 2025. Positioned along Interstate 80, the property has easy access to multiple major thoroughfares including Interstate 57. Located in an unincorporated area of Will County, the landlord of the property benefits from relatively low taxes and business-friendly zoning regulations. Within a five-mile radius of the property, the average household income sits well above the national average at $120,000 (U.S. Census Bureau).
The subject property is positioned within Joliet Area, a massive submarket containing 112.2 million square feet of industrial space. The submarket has experienced a significant amount of growth over the last decade with inventory expanding by 83 percent. Big-box warehouses over 200,000 square feet dominate the Joliet Area submarket, accounting for 77 percent of inventory, leaving small industrial properties under 50,000 square feet in relatively short supply. At the midway point of 2024, construction activity slowed to just over 1 million square feet, representing less than 1 percent of inventory. In Q2, vacancy rates increased by 130 basis points to 7.8 percent, however, availability sat at just 2.4 percent for small industrial properties. Annual rent growth continued to slow but at 5.2 percent rents continue to outpace the Consumer Price Index (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
Managing Broker
One Mid America Plaza, Suite 200
Oakbrook Terrace, IL 60181
Office (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: ZAF0370252)
