Marcus & Millichap is pleased to present the opportunity to acquire Justice Industrial Outdoor Storage located at 8750 West 82nd Place in Justice, Illinois. The subject property consists of approximately 1.6 acres of industrial outdoor storage space. The asset features a 1,300-square-foot office building and a fully gated and paved lot. Currently occupied by trucking tenants on monthly lease terms, the asset generates $250 a month per truck. This sale offers buyers an investment or owner-user opportunity. Located adjacent to Interstate 294, the property is primely positioned in the North I-55 Corridor submarket.
North I-55 Corridor is a relatively large submarket with 31 million square feet of industrial space. Last year, the submarket welcomed nearly 1.6 million square feet of speculative development, marking the most deliveries in over three decades. So far in 2024, the new developments have largely gone unleased as net absorption has trended in negative territory, consequently pushing the vacancy rate up to 7.2 percent during Q3. Annual rent growth has decelerated to 4.0 percent, breaking below the pre-pandemic trendline but keeping pace with the Consumer Price Index. While demand for industrial space in North I-55 Corridor has not matched the expectations of developers, there are no new projects under construction that will add to the submarket’s supply (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 #: 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: ZAF0370215)
