Marcus & Millichap is pleased to present the opportunity to acquire the property located at 1015 West Jefferson Street in Vandalia, Illinois. The subject property consists of approximately 26,974 square feet of warehouse space and is situated on 1.84 acres of land. The single-tenant asset features a clear height of 11’, two dock-high doors, masonry construction, and excess land for additional parking. Replaced in 2014, the well-conditioned roof passed a 2023 inspection. Equipped with 400 amps of heavy power, the property contains air circulation systems throughout the building. For sale as vacant, the property is ideal for owner use with ownership costs now competing with leasing costs. With close proximity to Interstate 70, the asset sits an hour’s drive from downtown Saint Louis, Missouri in the Effingham/Central Illinois submarket.
Effingham/Central Illinois is a large submarket containing 40 million square feet of industrial space across a large area. While net absorption has contracted through the first three quarters of 2024, the vacancy rate only increased 80 basis points to 2.9 percent. During Q3, annual rent growth slowed 100 basis points to 2.4 percent but has kept pace with the Consumer Price Index. Asking rents averaged about $6.40 per square foot in Q3, offering tenants a 9 percent discount compared to the nearby Saint Louis market. With only 125,000 square feet of industrial space under construction in Effingham/Central Illinois, new supply will essentially be a non-factor on vacancies and rents for the foreseeable future (CoStar).
The Saint Louis metro is near the geographic center of the United States, within 500 miles of one-third of the U.S. population. About 2.8 million people call the metro area home, with Saint Louis hosting over 319,000 residents. Located at the confluence of the Mississippi and Missouri rivers, the metro area encompasses counties in both Missouri and Illinois. The economy of Saint Louis is anchored by the logistics industry, with trade, transportation, and utilities accounting for the largest share of employment. As Saint Louis continues to be a desirable industrial market for investors, a recent report ranked Saint Louis as the tenth industrial market to watch in 2019. The Gateway Arch continues to serve as a major tourist attraction and residents enjoy a high quality of life with a variety of entertainment options.
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: IL 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: ZAF0370637)
