Marcus & Millichap is pleased to present the opportunity to acquire the property located at 362 South Schmale Road in Carol Stream, Illinois. The subject property consists of approximately 11,600 square feet of industrial space and is situated on 1.26 acres of land. The asset features masonry construction, 14’ clear height, six grade-level doors and 51 parking spaces. This is a tough barrier to entry market with a 6.3 percent vacancy rate and 3.8 percent annual rent growth (CoStar). The industrial-office warehouse is strategically located with proximate access to major freeways including Interstate 355.
The North DuPage Submarket has more than doubled its industrial stock over the last 20 years. Nearly all new construction consists of large bay, single-tenant facilities with ceiling heights of at least 28 feet. With a vacancy rate of 5.9 percent, the North DuPage submarket is lower than the overall Chicago market of 6.2 percent. After recording positive net absorption of 600,000 square feet in 20Q2, demand softened due to the impact of the pandemic during the third quarter. However, some notable third quarter lease signings should help to bolster demand in the near future. Roughly 467,000 SF of projects are under development in the North DuPage Submarket. While rent growth has remained strong over the past twelve months at 3 percent, a slowdown in rent growth is expected to occur in 21Q1, before rebounding to pre-pandemic levels in the back half of 2021 (CoStar).
The city of Chicago covers an area of 60,000 hectares and sits 578 feet above sea level on the southwestern shore of Lake Michigan. At 190 kilometers wide and 495 kilometers long, it is the 5th largest body of fresh water in the world. The city is traversed by the Chicago and Calumet rivers. Chicago’s extensive parklands, including 3,000 hectares of city parks, attract an estimated 86 million visitors annually. As a multicultural city that thrives on the harmony and diversity of its neighborhoods, Chicago boasts 100 neighborhoods, 77 community areas, 2,716,450 residents, 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: 630-570-2250
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. © 2021 Marcus & Millichap. All rights reserved. (Activity ID: ZAC0370147)
