2375 American Lane
- 2375 American Lane, Elk Grove Village, IL 60007
- Property Type:
- Single Tenant
- Cap Rate:
- 7.17% cap
- Square Feet:
- 12,054 sqft
- Lot Size:
- 0.56 acres
- Price Per Square Foot:
- Year Built:
- 3-Year NNN Sale and Leaseback with Precision Grinding
- 12,054-Square-Foot Industrial Warehouse Sitting on 0.56 Acres
- Low DuPage County Taxes Just South of Devon Avenue
- Masonry/Metal Construction with 14’-22’ Clear Height and 2 Grade-Level Doors
- Tough Barrier-to-Entry Market: 2.9% Overall Vacancy and 7.5% Annual Rent Growth (CoStar)
- Strategically Located Industrial Warehouse in Close Proximity to O’Hare International Airport
Marcus & Millichap is pleased to present the opportunity to acquire the property located at 2375 American Lane in Elk Grove Village, Illinois, occupied by Precision Grinding, Inc. The subject property consists of approximately 12,054 square feet of warehouse space and is situated on 0.56 acres of land. The asset features masonry and metal construction, clear heights ranging from 14’ to 22’, and two grade-level doors. With close proximity to the O’Hare International Airport, the property is strategically located just south of Devon Avenue in the O’Hare submarket. As a part of DuPage County, the property owner enjoys low taxes within the metro area. Upon sale of the property, the current owner, Precision Grinding, will sign a three-year triple net lease, limiting responsibility of the future landlord. Since 1993, Precision Grinding has offered a variety of surface grinding services and products. Some of these services include Blanchard grinding, bar grinding, and Mattison. Precision Grinding works with ferrous metals, non-ferrous metals, and exotic metals.
Thanks to O’Hare International Airport’s standing as one of the busiest in the world for cargo traffic, the O’Hare submarket ranks as one of the most in-demand industrial submarkets in the Chicago area. With one month remaining in 2021, net absorption in O’Hare has already posted its biggest year on record with 4.8 million square feet. Once tallying is complete, net absorption in 2021 will roughly double its previous high set in 2013. While net deliveries have also been robust over the last two years, the additional industrial space substantially lags behind demand. As a result, the vacancy rate has dropped to a record low of 2.9 percent for comparable properties ranging from 10,000 to 50,000 square feet. Likewise, industrial rents on comparables increased by a record 7.5 percent annually. Industrial sales in O’Hare have enjoyed another banner year with volume totaling $551 million year-over-year in Q4 2021, nearly 40 percent higher than the historical annual average (CoStar).
The City of Chicago covers an area of 60,000 hectares and sits 578 feet above sea level on the southwestern shore of Lake Michigan. At 190 kilometers wide and 495 kilometers long, it is the 5th largest body of fresh water in the world. The city is traversed by the Chicago and Calumet rivers. Chicago’s extensive parklands, including 3,000 hectares of city parks, attract an estimated 86 million visitors annually. As a multicultural city that thrives on the harmony and diversity of its neighborhoods, Chicago boasts 100 neighborhoods, 77 community areas, 2,716,450 residents, 50 wards, and 8 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).