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Justice, IL

8721 Industrial Drive

Address:
8721 Industrial Drive, Justice, IL 60458
Property Type:
Owner-User
Price:
$1,400,000
Square Feet:
13,275 sqft
Lot Size:
1.07 Acres
Price Per Square Foot:
$105.46
Year Built:
1985/1995
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* By downloading the Marketing Package (Offering Memorandum) you hereby agree to the CONFIDENTIALITY AND BUYER REGISTRATION AGREEMENT.

Investment Highlights

Investment Highlights

Investment Highlights

  • 13,275-Square-Foot Industrial Building on 1.07 Acres Available for Immediate Occupancy
  • One Dock-High Door & One Drive-In Door
  • I-294 Frontage with 144,000+ Annual Average Daily Traffic
  • Direct Access to I-294 with Construction of 82nd Street Toll Plaza
  • High Growth Submarket with Rents Up 6.6% Annually

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the property located at 8721 Industrial Drive in Justice, Illinois. The subject property consists of approximately 13,275 square feet of industrial space and is situated on 1.07 acres of land. The asset features one dock-high door, one drive-in door, and masonry construction. Thanks to the construction of the 82nd Street Toll Plaza, in addition to frontage the property will have direct access to Interstate 294, a highway with an average daily traffic count of over 144,000 vehicles per year (CoStar). Interstate 55 can be reached within a 10-minute drive from the property and Chicago Midway International Airport is a mere 13-minute drive away.

The property is primely situated in the North I-55 Corridor industrial submarket, containing a sizeable 31 million square feet of industrial space. Over the last 12 months, the submarket has seen vacancy rates increase 5.6 percentage points, climbing to 6.5 percent at the end of 2023. This substantial rise can be attributed to the nearly 1.5 million square feet of new inventory that was delivered in 2023, which was the highest annual amount delivered in over a decade. Even with record supply hitting the market in 2023, annual rent growth remained robust at 6.6 percent at the end of the year. With the construction pipeline empty as of Q4 2023, market fundamentals suggest vacancies and rents will go unimpeded by new supply in 2024 (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
Illinois Broker of Record
One Mid America Plaza, Suite 200
Oakbrook Terrace, IL 60181
Tel: 630-570-2200
Steven.Weinstock@MarcusMillichap.com
License: IL 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. © 2023 Marcus & Millichap. All rights reserved. (Activity ID: ZAE0370551)