Marcus & Millichap is pleased to present the opportunity to acquire the property located at 5204 Indianapolis Boulevard in East Chicago, Indiana. The subject property consists of approximately 18,150 square feet of flex warehouse space and is situated on 0.84 acres of land. The single-tenant asset features a clear height of 18’, two dock-high doors, one grade-level door, a two-ton crane, metal construction, wet sprinkler system, and 400 amps with 120/208 volts. For sale as vacant, the property can be acquired for owner use or as a lease-up opportunity. Located near the Illinois and Indiana state border, the property sits about three miles from both Interstates 90 and 94.
The subject property sits within the Indiana submarket, containing a sizeable 49.3 million square feet of industrial space. The submarket is anchored by petroleum refineries and intermodal rail hubs. In 2023, industrial deliveries set a record high expanding the inventory by 2.4 million square feet on net. Meanwhile, net absorption contracted for the third time in the last ten years with about -100,000 square feet of space being vacated. As a result of supply outpacing demand, the vacancy rate jumped by 480 basis points to 11.2 percent. Rising availability slowed down asking rent growth to 6.6 percent but remained above the increase in the Consumer Price Index (CPI). Like most submarkets, Indiana is dominated by the supply of large warehouses sized 100,000 square feet and bigger, accounting for nearly all of the new supply last year. Among comparable properties under 100,000 square feet, new supply remained subdued in the Indiana submarket, which helped support vacancies at 2.3 percent and rent growth at 7.0 percent (CoStar). While shipping activity slowed down in 2023, resilient oil prices will underpin overall industrial activity in the Indiana submarket.
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
JOSH CARUANA
Indiana Broker of Record
600 East 96th Street, Suite. 500
Indianapolis, IN 46240
Tel: (317) 218-5300
License #: RB14034355
Josh.Caruana@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: ZAE0370618)
