Marcus & Millichap is pleased to present the opportunity to acquire the property located at 23315 South Youngs Road in Channahon, Illinois, partially occupied by the owner, Verdeco Plastics, Inc. The subject property consists of approximately 167,282 square feet of specialized manufacturing space and is situated on 17.75 acres of land. The multi-tenant asset features a clear height of 18’-24’, four grade-level doors, six external dock-high doors, 10 internal dock-high doors, and heavy three-phase power with 277/480 volts and amps ranging from 800 to 1,600. There are 130 surface parking spaces and 76 spaces for industrial trailers. With a building coverage ratio of 22 percent, the property has ample space to accommodate additional development and outside storage In addition to its proximity to Interstate 55 via Illinois Route 6, the property has direct barge access on the Des Plaines River and access to a CSX rail spur with interior rail loading capabilities.
Upon the sale of the property, Verdeco Plastics, Inc. plans to execute a three-year triple net leaseback at $4.80 per square foot on its 50,000-square-foot space. Buyers also have a lease-up or partial owner-user opportunity with the remaining 117,282 square feet. Founded in 2011, Verdeco Plastics specializes in the procurement of industrial plastic scrap for recycling and repurposing that plastic back through the manufacturing supply chain around the world.
The subject property is located within Joliet Area, a massive submarket containing 113 million square feet of industrial space. Highlighted by the BNSF Logistics Park Chicago and UP Joliet Intermodal, the submarket is a central player in the Midwest for international trade with Asia. In 2024, net absorption in Joliet Area contracted by about -470,000 square feet, representing only the second and the largest decline on record. Net deliveries slowed down considerably from 6.7 million square feet in 2023 to 2.5 million square feet last year. As a result, the vacancy rate increased 250 basis points to 8.7 percent but remains well below its 10-year high set in 2018 at 13.6 percent. The increase in availability put downward pressure on rents as the annual growth rate decelerated 320 basis points to a decade’s low of 3.6 percent (CoStar). While the overall Chicago market remains one of the strongest in the nation, the change in Joliet’s market fundamentals is symbolic of the national trend and highlights the importance of owning specialized industrial assets that can outperform in a market with falling demand and high inflation.
Known as the Greater Chicagoland area, Chicago-Naperville-Elgin is the third largest metro in the nation. The metro houses 9.3 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 30 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
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. © 2025 Marcus & Millichap. All rights reserved. (Activity ID: ZAF0370696)
