Marcus & Millichap is pleased to present the opportunity to acquire the property located at 1104 West 43rd Street in Chicago, Illinois, currently occupied by the owner, Luster Products, Inc. Built in 1990 by the owner, the subject property consists of approximately 197,400 square feet of specialized manufacturing space and is situated on 10.68 acres of land. The single-tenant asset features a clear height of 30’, 12 dock-high doors, two grade-level doors, and a new TPO roof installed in 2022. Situated on the same block as the stone entrance to the historical Union Stock Yards, the property has excellent proximity to major thoroughfares with Interstates 90/94 and 55 sitting two miles away.
Luster Products, the world’s leading African-American-owned manufacturer of premium personal hair care products, plans to vacate the property upon closing. This sale offers owner-users and investors a rare opportunity to acquire an infill specialized facility in the Stock Yards. The equipment that will be available as part of the sale allows for the immediate continued use of property in producing hair care products by the seller’s direct competitors or third-party (contract) manufacturers. Other than traditional industrial uses, the property has multiple adaptive capabilities that include the production of beauty and food products, cold storage, and a variety of liquid production uses due to the equipment on site. Given that the property is located in Chicago’s Enterprise Zone Two, buyers have access to multiple tax exemptions such as real estate transfer, building materials sales, and equipment sales.
The subject property sits within South Chicago, one of the largest industrial submarkets in the nation with over 121 million square feet. Due to the lack of available space, the inventory has remained relatively fixed yet demolitions have outpaced new construction over the last two decades. In 2024, the vacancy rate in South Chicago bucked the national trend, falling slightly to 4.8 percent. Despite availability remaining tight, annual rent growth was essentially cut in half, slipping to 3.3 percent. With regard to specialized facilities in South Chicago, the vacancy rate sits far below the market and national average at just 2.5 percent (CoStar). If rent growth continues to decelerate in a high inflation environment, investors of specialized facilities will be in a better position to maintain positive rent growth without fear of losing their tenants to a vacant warehouse next door.
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
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. © 2025 Marcus & Millichap. All rights reserved. (Activity ID: ZAF0370691)
