Marcus & Millichap is pleased to present the opportunity to acquire the property located at 7601 West 191st Street in Tinley Park, Illinois, anchored by Central Parts Warehouse. The subject property consists of approximately 25,808 square feet of flex space and is situated on 2.89 acres of land. The multi-tenant asset features five suites, 10,764 square feet of office space, a clear height of 14’ to 16’, two grade-level doors, and 35 parking spaces. With a building coverage ratio of 20 percent, the property has ample space for outdoor storage and additional development. Leased through June 2030, Central Parts Warehouse distributes mobile snow plows and salting equipment. With two leases on month-to-month and 1,500 square feet of vacant space, this sale offers investors a value-add opportunity. Situated between two main corridors in the area, South Harlem Avenue and LaGrange Road (also known as 96th Avenue and U.S. Route 45), the property has prime frontage along 191st Street. Located just minutes to Interstate 80 which quickly connects to Interstate 57, the property benefits from its location in an unincorporated area of Will County that has relatively low taxes and business-friendly zoning regulations.
The subject property is positioned within Joliet Area, a massive submarket containing 112.2 million square feet of industrial space. The submarket has experienced a significant amount of growth over the last decade with inventory expanding by 83 percent. Big-box warehouses over 200,000 square feet dominate the Joliet Area submarket, accounting for 77 percent of inventory, leaving small industrial properties under 50,000 square feet in relatively short supply. At the midway point of 2024, construction activity slowed to just over 1 million square feet, representing less than 1 percent of inventory. In Q2, vacancy rates increased by 130 basis points to 7.8 percent, however, availability sat at just 2.4 percent for small industrial properties. Annual rent growth continued to slow but at 5.2 percent rents continue to outpace the Consumer Price Index (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).
BROKER OF RECORD
STEVEN WEINSTOCK
Managing Broker
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. © 2024 Marcus & Millichap. All rights reserved. (Activity ID: ZAF0370325)
