Marcus & Millichap is pleased to present the opportunity to acquire the property located at 24322 West 143rd Street in Plainfield, Illinois, anchored by DRP Solutions, Inc. The subject property consists of approximately 20,000 square feet of warehouse space and is situated on 1.93 acres of land. The multi-tenant asset features a clear height of 16’, three dock-high doors, two grade-level doors, three-phase power with 600 amps, and 20 parking spaces. With 8,000 square feet available, this property can be acquired for partial owner use and leveraged to generate additional income. Priced at $87.50 per square foot, buyers can acquire a property in the low-tax Will County well below replacement costs. Leased until July 2026 at $4.00 per square foot, the tenant pays 55 percent below the average asking rent, creating a value-add lease-up opportunity for investors. The property is positioned only four miles from Interstate 55 which has direct access to Downtown Chicago. Situated just west of Illinois Route 59 (North Division Street), the property has frontage along West 143rd Street that services 10,700 vehicles per day on average annually. At $130,614, the median household income in Plainfield is the highest in the state with at least a population of 40,0000 (Village of Plainfield).
The subject property sits within the Interstate 88 West submarket, containing a massive 83.2 million square feet of industrial space. At the midway point of 2024, the vacancy rate in Interstate 88 West notched up 40 basis points on the quarter to 3.1 percent, sitting 350 basis points lower than the national average. Despite availability remaining tight, annual rent growth continued to slow sharply during the second quarter but continued to outpace the Consumer Price Index at 5.4 percent. Asking rents across Interstate 88 West averaged about $8.80 per square foot by the end of Q2. While 3.7 million square feet of industrial space was under construction in Interstate 88 West at that time, this represents only 3.7 percent of inventory, 94 percent of which was concentrated in properties of at least 100,000 square feet (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. © 2024 Marcus & Millichap. All rights reserved. (Activity ID: ZAE0370273)
