600 Waukegan Road
- 600 Waukegan Road, Northbrook, IL 60062
- Property Type:
- Multi Tenant
- Cap Rate:
- 7.21% cap
- Square Feet:
- +/- 57,350 sqft
- Lot Size:
- 3.13 Acres
- Price Per Square Foot:
- Year Built:
- +/- 57,350-Square-Foot Flex/Condo Asset Situated on 3.13 Acres
- Property Consists of 12 Individual Suites That Could Be Sold Separately
- Features Three Different Clear Heights, 39 Grade-Level Doors, and is Partially Sprinkled
- Off-Street Parking Spaces Located On-Site and Directly Adjacent to Building
- Individual Suites Within Building are Ideal for a Multitude of Small Business Applications
- Tough Barrier-to-Entry Market: 3.4% Overall Vacancy and 7.8% Annual Rent Growth (CoStar)
- Strategically Located with Proximate Access to Interstates 94 and 294 (Tri-State Tollway Spur)
Marcus & Millichap is pleased to present the opportunity to acquire the property located at 600 Waukegan Road in Northbrook, Illinois. The subject property consists of approximately 57,350 square feet of flex space and is situated on 3.13 acres of land. The condominium asset features 12 Condo suites, three buildings, clear height varying between 12’, 16’8”, and 17’10”, 39 grade-level doors, and is partially equipped with sprinklers. Directly adjacent to the property sits a parking lot with 100 spaces. Ideal for a multitude of small businesses applications, the 12 condos are nearly 99 percent occupied and can be individually acquired through separate transactions. Primely situated in Chicago’s North Cook submarket, the property has proximate access to both Interstates 94 and 294 (Tri-State Tollway Spur).
Bordering Lake Michigan, and home to Northwestern University and some of Chicago’s most affluent zip codes, North Cook contains a massive 52.9 million square feet of industrial space. Anchored by manufacturing and logistics companies, 58 percent of the inventory is dedicated to logistics space, followed by specialized and flex properties at 32 percent and 10 percent, respectively. At over 620,000 square feet, net absorption through the first three quarters of 2022 has already posted a 15-year high. Given that demolitions have outpaced new construction since the turn of the new century, high demand has pushed vacancy rates down to a 20-year low of 3.4 percent in Q3. North Cook’s vacancy rate now sits 80 basis points lower than the metro average. Tight supply kept annual rent growth near historic highs in Q3 at 7.8 percent. While no industrial properties are currently under construction, the development of a 3.2 million-square-foot industrial complex has been approved, representing 6 percent of inventory. Nonetheless, the vacancy rate is expected to remain low 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).