Marcus & Millichap is pleased to present the opportunity to acquire the property located at 2375 American Lane in Elk Grove Village, Illinois. The subject property consists of approximately 12,054 square feet of warehouse space and is situated on 0.56 acres of land. The single-tenant asset features masonry and metal construction, a clear height ranging from 14’ to 22’, two grade-level doors, three-phase power with 400 amps and 480 volts, and seven parking spaces. For sale as vacant, the property is located in the low-tax county of DuPage, just two miles south of Interstate 90 and adjacent to O’Hare International Airport.
The subject property sits within the O’Hare Submarket containing a massive 112.8 million square feet of industrial space. At the midway point of 2024, 3.8 percent of the inventory was available, sitting 270 basis points below the national vacancy rate. Among comparable properties up to 50,000 square feet, vacancies bucked the national trend, slipping 30 basis points to just 2.0 percent in Q2. Despite availability remaining tight across O’Hare, annual rent growth slowed 5.3 percent in Q2, matching the 10-year average. While there are 1.5 million square feet underway, new construction only represents 1.3 percent of current inventory levels. With new supply limited, vacancies will largely be dependent upon demand 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 9.5 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
Office (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. © 2024 Marcus & Millichap. All rights reserved. (Activity ID: ZAF0370076 )
