Marcus & Millichap is pleased to present the opportunity to acquire the property located at 2117 Greenleaf Street in Evanston, Illinois, currently occupied by the owner, IRMCO. The subject property consists of approximately 28,926 square feet of manufacturing and laboratory space and is situated on 1.16 acres of land. The single-tenant asset features a clear height of 18’, four dock-high doors, four drive-in doors, a one-ton freight elevator, sprinklers throughout, and 44 parking spaces. In the last three years, the property’s three HVAC units have been replaced and the roof remains in good condition. Designed by renowned Chicago architects, Burnham and Sons, the property has been occupied by lubricants manufacturer, IRMCO, since its delivery in 1917. Despite the property’s age, the building has been well-maintained and is in immaculate condition. Upon closing, IRMCO will vacate the property, giving buyers an owner-user opportunity. Located just off Dempster Street, the property is primely situated in the North Cook submarket with proximity to Interstate 94 which feeds into Downtown Chicago.
Bordering Lake Michigan and comprising many of Chicago’s most affluent ZIP codes, North Cook is home to Northwestern University. North Cook is a massive submarket containing 54.5 million square feet of industrial space. At 59 percent, the submarket consists mostly of logistics facilities, followed by specialized and flex space at 31 percent and 10 percent, respectively. In 2024, North Cook welcomed a record amount of new supply with net deliveries expanding the inventory by 1.2 million square feet. However, new supply outpaced demand with net absorption declining for a consecutive year by over -270,000 square feet. As a result, the vacancy rate increased by 260 basis points to 6.8 percent. While above the Chicago market average, North Cook’s vacancy rate was in line with the 7.0 percent national average (based on the top 50 metros, minimum 10,000 square feet, and classes A, B, and C). The increase in availability caused annual rent growth to decelerate to 3.5 percent, pushing the average asking rent to about $12.00 per square foot. At the start of 2025, there were no industrial properties under construction in North Cook, putting demand back in the driver’s seat of 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
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: IL 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: ZAG0370116)
