Marcus & Millichap is pleased to present the opportunity to acquire the property located at 1306 McKinley Avenue in Joliet, Illinois. This sale offers an ideal distribution, logistics, or IOS facility development opportunity in the Joliet Area. With 12 parcels of land, the property consists of 38.54 acres zoned I-2 and 17.76 acres zoned I-1. An environmental remediation was recently completed and a No Further Remediation (NFR) Letter is pending. This sale offers an ideal distribution and logistics development opportunity in the Joliet Area submarket thanks to both Interstate 80 and a Union Pacific intermodal hub sitting within three miles of the property.
Joliet Area is a massive submarket containing 109.9 million square feet of industrial space, half of which is concentrated in a five-mile radius of the property. The submarket has experienced a significant amount of growth over the last decade with inventory expanding by 79 percent. Big-box warehouses over 200,000 square feet dominate the Joliet Area submarket, accounting for 77 percent of inventory. Going into 2024, construction activity slowed to 2.8 million square feet, representing a 2.5 percent increase in supply. In 2023, the vacancy rate increased by 110 basis points to 5.1 percent as new supply outpaced a healthy level of demand but remained well below the 10-year average of 7.8 percent. Consequently, asking rent growth in the Joliet Area slowed to 7.4 percent last year but was 200 basis points higher than the annual average since 2014 (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
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. © 2023 Marcus & Millichap. All rights reserved. (Activity ID: ZAF0370106)
