Marcus & Millichap is pleased to present the opportunity to acquire the property located at 2936 Wireton Road in Blue Island, Illinois, occupied by the current owner, Wright’s Furniture Warehouse. The subject property consists of approximately 11,127 square feet of warehouse space and is situated on 1.01 acres of land. The single-tenant asset features metal construction, one dock-high door set in a truck well, two grade-level doors, an asphalt paved parking lot with 14 spaces, and a clear height of 16’. Situated near major thoroughfares, the property is located less than three miles from both onramps to Interstates 57 and 294. Upon the sale of the property, Wright’s Furniture Warehouse plans to conduct a short-term leaseback, making the property available for occupancy by the buyer. This sale offers investors the opportunity to acquire a well-built warehouse below the replacement cost. Additionally, 0.25 acres positioned behind the property can be purchased for future development or outdoor storage space.
The property sits within the high barrier-to-entry Near South Cook submarket, containing a massive 52.6 million square feet of industrial space. The submarket consists mostly of logistics space, accounting for 66 percent of the inventory. Yet, specialized properties, including manufacturing facilities, make up a sizeable 30 percent of the submarket, followed by flex space at 4 percent. With net absorption far outpacing deliveries, the vacancy rate dropped to 4.5 percent during Q1 2023. At only 2.2 percent, the availability is even more limited among comparable properties between 10,000 and 50,000 square feet. As a result of limited supply, rent growth for the entire Near South Cook submarket rose further into record territory at 9.5 percent in Q1. Given that construction activity represents just 1.3 percent of current inventory levels, new supply will likely have minimal impact on rents and vacancies 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
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. © 2023 Marcus & Millichap. All rights reserved. (Activity ID: ZAE0370069)
