Marcus & Millichap is pleased to present the opportunity to acquire the property located at 3535 Washington Street in Gurnee, Illinois. The subject property consists of approximately 42,245 square feet of space and is situated on 15.18 acres of land (including 13.12 usable acres). Zoned I-2 for general industrial use, the four-building asset features masonry and metal construction, an 17-21’ clear height, four dock-high doors, nine oversized grade-level doors 18’ in width (including four set in a truck well), two regular sized grade-level doors, a full wet sprinkler system inside the main building, and heavy power with 800 amps. Equipped with 4.5 acres of cleared land, the property boasts a 6.4 percent building coverage ratio, making the facility ideal for distribution and logistics, or use as a truck terminal. With proximity to Interstate 94 (2.8 miles away), U.S. Route 41 (0.5 miles away), and the Waukegan National Airport (5.6 miles away), the property offers premier accessibility. For sale as vacant, the property can be acquired for a variety of owner uses or as a lease-up and development opportunity.
The subject property is well-positioned within the large North Lake County submarket, containing 44.2 million square feet of industrial space. In 2025, the submarket experienced a significant rebound in industrial demand as 1.1 million square feet were absorbed on net. With only 44,000 square feet of new deliveries on net, the vacancy rate in North Lake County contracted sharply by 230 basis points to 5.7 percent, comfortably below the 7.7 percent national average (based on the top 50 metros, classes A, B, & C, and minimum 10,000 square feet). The reduction in availability helped to support local rent growth as the average market rate grew by 4.2 percent annually (more than twice the level nationwide). With no construction projects underway in North Lake County, demand will continue to navigate vacancies and rents 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 9.3 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 30 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
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. © 2026 Marcus & Millichap. All rights reserved. (Activity ID: ZAG0370666)
