Marcus & Millichap is pleased to present the opportunity to acquire the property located at 505 Grant Avenue in Chesterton, Indiana, anchored by Resource Environmental Solutions, LLC. The subject property consists of approximately 17,750 square feet of flex space and is situated on 1.63 acres of land. The asset features two drive-in doors, a 22’ clear height, and four storage facilities with 54 units, totaling 4,888 square feet. Positioned along a Norfolk Southern railroad, the property sits within 1.5 miles of the interchange between Interstate 94 and North State Road 49. At 97 percent occupied, with 17 storage units available for lease (as of March 2025), the property offers investors a cash-flowing asset with a value-add opportunity. In addition to being located in a state that ranked second on Forbe’s list of best places to start a business, the property is situated within the outperforming Porter County submarket.
Porter County is a midsized submarket containing 22.3 million square feet of industrial space. Over the last decade, the submarket has experienced minimal growth and did not have a single industrial delivery in 2024. While net absorption contracted to a 13-year low of -293,000 square feet, the vacancy rate only increased 130 basis points to 2.4 percent, sitting well below the 7.0 percent national average (based on top 50 metros, minimum 10,000 square feet, Classes A, B, and C). Despite availability remaining historically tight in Porter County, annual rent growth decelerated by 3.7 percentage points to 2.8 percent in 2024, representing the slowest pace in a decade. Market rents averaged about $9.80 per square foot, up about 65 percent since 2014. During Q1 2025, only about 100,000 square feet of industrial space were under construction, making up less than 1 percent of inventory. Due to a lack of new supply, demand will continue to drive rents and vacancies for the foreseeable future in Porter County (CoStar).
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
JOSH CARUANA
Indiana Broker of Record
600 East 96th Street, Suite. 500
Indianapolis, IN 46240
Tel: (317) 218-5300
License #: RB14034355
Josh.Caruana@MarcusMillichap.com
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: ZAG0370254)
