500 North Mannheim Road
- 500 North Mannheim Road, Hillside, IL 60162
- Property Type:
- Multi Tenant
- Cap Rate:
- 8.06% cap
- Square Feet:
- Lot Size:
- 1.73 Acres
- Price Per Square Foot:
- Year Built:
- Fully Occupied Multi-Tenant Industrial in West Cook North Submarket
- 26,209-Square-Foot Industrial Warehouse Situated on 1.73 Acres
- Features 14’ Clear Heights, One Dock-High Door, and Eight Grade Level Doors
- Tough Barrier-to-Entry Market: 3.1% Overall Vacancy and 6.6% Annual Rent Growth (CoStar)
- Strategically Located Industrial Warehouse with Proximate Access to Major Freeways – Less Than One Mile From I-290
Marcus & Millichap is pleased to present the opportunity to acquire the property located at 500 North Mannheim Road in Hillside, Illinois. The subject property consists of approximately 26,209 square feet of warehouse space and is situated on 1.73 acres of land. The fully occupied multi-tenant asset features a clear height of 14’, one dock-high door, and eight grade-level doors. Situated less than one mile from Interstate 290, the strategically located warehouse has proximate access to major freeways.
The subject property is positioned in West Cook North, one of the nation’s largest submarkets with an inventory base of 61.6 million square feet. Logistics facilities account for the largest proportion of local supply, containing about 40.2 million square feet, followed by 19.1 million square feet of specialized space and 2.3 million square feet of flex space. At just 3.1 percent, the vacancy rate has fallen to the lowest on record in Q3 2021. The tight supply has pushed the annual growth rate on market rents to the highest level since the turn of the century at 6.6 percent. The record low vacancy rate and historically high rent growth make West Cook North a tough barrier to entry market. Net absorption over the past year was over 610,000 square feet, 85 percent higher than the ten-year annual average. Industrial rents in West Cook North are priced at $7.82 per square foot, essentially equivalent to the metro average. There is 1.2 million square feet of industrial space currently under construction. While future deliveries represent a sizable 2.0 percent of inventory, total inventory has actually contracted by 2.7 percent since 2011 as demolition activity outpaced new construction (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 8 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).