801 Phoenix Lake Drive
- 801 Phoenix Lake Drive, Streamwood, IL 60107
- Property Type:
- Single Tenant
- Square Feet:
- 30,700 sqft
- Lot Size:
- 2.56 acres
- Price Per Square Foot:
- Year Built:
• Investor or Owner-User Offering
• 30,700 Square Feet Industrial Warehouse with Approximately 11,000 Square Feet of Office Space Sitting on 2.56 Acres
• Concrete Tilt-Up Construction with 24’ Clear Heights, Three Grade-Level Doors, and Two Dock-High Doors
• Located Four Miles from I-90 and 30 Miles from Downtown Chicago
• O’Hare International Airport is Located 20 Miles East of Property
• Tenant has Special Buildouts for X-Ray Testing Rooms
• Class 6b Tax Incentive Through Tax Year 2026
Marcus & Millichap is pleased to present the opportunity to acquire the property located at 801 Phoenix Lake Drive in Streamwood, Illinois. The subject property consists of approximately 30,700 square feet of space and is situated on 2.56 acres of land. The asset features concrete tilt-up construction with a clear height of 24’, three grade-level doors, two dock-high doors, and 11,000 square feet of office space. With the tenant’s lease expiring within a year, the property can be used as an investment or for owner use. Tenant improvements consist of specially built out X-Ray testing rooms. The property is located just four miles from access to Interstate 90, 20 miles from the O’Hare International Airport, and 30 miles from downtown Chicago. With a Class 6B tax incentive, the asset’s owner enjoys incentives through tax year 2026.
The property is located in Northwest Cook, one of the nation’s largest industrial submarkets with a massive inventory base of 40.9 million square feet. Logistics facilities account for the largest proportion of local supply, containing 26.2 million square feet. The remaining inventory pool consists of 7.7 million square feet of specialized space and 7.0 million square feet of flex space. Over the last year, the vacancy rate has fallen 140 basis points to 6.1 percent. During this time, net absorption came in at about 1.6 million square feet, a more than five-fold increase than the five-year average. Rents are rising at a 5.4 percent annual increase, marking the strongest pace of rent growth in more than a decade. Furthermore, rents in Northwest Cook run for about $9.80 per square foot, which is 24 percent above the metro average (CoStar). Simply put, Northwest Cook offers strong market fundamentals and a sound investment opportunity.
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).