Marcus & Millichap is pleased to present the opportunity to acquire the property located at 1445 11th Street in Waukegan, Illinois, leased to QXO. The subject property consists of approximately 82,500 square feet of warehouse space and is situated on 4.12 acres of land. The single-tenant asset features a clear height ranging between 12’ and 18’, three dock-high doors, two drive-in doors, a full sprinkler system, and 1.6 acres of fenced-in industrial outdoor storage space (IOS). Situated between Illinois Routes 131 and 137, the property conveniently sits north of the Great Lakes Naval Station with proximity to Interstate 94. In November 2025, QXO initiated a new 10-year lease on a triple-net basis at $3.56 per square foot with 3.0 percent annual escalations. QXO is the largest publicly traded distributor of roofing, waterproofing, and complementary building products in North America.
The subject property is well-positioned within the large North Lake County submarket, containing 44.2 million square feet of industrial space. In 2025, the submarket experienced a significant rebound in industrial demand as 1.1 million square feet were absorbed on net. With only 44,000 square feet of new deliveries on net, the vacancy rate in North Lake County contracted sharply by 230 basis points to 5.7 percent, comfortably below the 7.7 percent national average (based on the top 50 metros, classes A, B, & C, and minimum 10,000 square feet). The reduction in availability helped to support local rent growth as the average market rate grew by 4.2 percent annually (more than twice the level nationwide). With no construction projects underway in North Lake County, demand will continue to navigate vacancies and rents for the foreseeable future (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
TODD LINDBLOM
Wisconsin Broker of Record
13890 Bishops Drive, Suite 300
Brookfield, WI 53005
Office (262) 364-1964
Todd.Lindblom @MarcusMillichap.com
License: 56163-90
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. © 2026 Marcus & Millichap. All rights reserved. (Activity ID: ZAG0370733)
