Marcus & Millichap is pleased to present the opportunity to acquire the property located at 29870 North Skokie Highway in Lake Bluff, Illinois, anchored by two trucking companies. The subject property consists of approximately 67,879 square feet of warehouse space and is situated on 6.69 acres of land with an additional 20.13 acres of wetlands/undeveloped land. The two-building asset features metal construction, 18 grade-level doors, and a clear height of 16’ to 19’. Housing 17 individual suites, the fully leased asset is ideal for a multitude of small business applications. Zoned as a Commercial and Wholesale District (CW) by the city of North Chicago, the property is permitted to be used by businesses whose clientele depends upon automotive transportation. Given its low coverage ratio, the property is heavily used for its industrial outdoor storage space (IOS). Due to wetlands, the majority of the property remains undeveloped, however, investors do have a value-add opportunity to expand the IOS space up to 4 acres.
Located just east of Interstate 94, the property is primarily situated in the North Lake County submarket, which contains 44.9 million square feet of industrial space. As a tight barrier-to-entry submarket, the region’s performance over the last year has mirrored the overall Chicago market. At the start of 2023, the vacancy rate stood at just 4.1 percent during the first quarter. Nationwide, rents have experienced a significant slowdown since mid-2022, however, North Lake County has bucked the national trend by posting a record-high annual rent growth of 9.2 percent in Q1. Thanks to the help of high construction costs, followed by rapidly rising interest rates, construction activity has been muted since 2020. With only 219,000 square feet of industrial space under construction (accounting for less than 1.0 percent of inventory), vacancies and rents will be unimpeded by new supply 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
Lic #: IL 471.011175
Steven.Weinstock@marcusmillichap.com
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: ZAE0370088)
