Marcus & Millichap is pleased to present the opportunity to acquire the property located at 3239 Loverock Avenue in Steger, Illinois. The subject property consists of approximately 12,000 square feet of warehouse space and is situated on 1.18 acres of land. Delivered in 1996, the asset features a clear height of 16’, three subdivided suites, three grade-level doors, metal construction, 20 parking spaces, and 11,500 square feet of industrial outdoor storage space. Currently occupied by Seal Tight Exteriors, the property will become available for owner use in September 2024. In addition, this sale offers investors a multi-tenant redevelopment opportunity and the adjacent vacant lot to the East can be acquired for possible building or IOS expansion. Situated within a five-minute drive to Illinois Route 394, the property is primely positioned within the Central Will submarket.
Central Will is a relatively small submarket, containing 6.2 million square feet of industrial space. Over the last five years, Central Will has only experienced an inventory growth of 5 percent. Thanks to a lack of supply and stable demand, availability was essentially non-existent with the vacancy rate at just 0.2 percent in Q1 2024. Despite few vacancies, asking rent growth in Central Will continuously slowed down to 6.6 percent annually during the first quarter but remained well ahead of the 3.2 percent increase in the Consumer Price Index. At the start of the year, only 59,000 square feet were under construction, making industrial demand the deciding factor on 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
Managing Broker
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. © 2023 Marcus & Millichap. All rights reserved. (Activity ID: ZAF0370108)
