Marcus & Millichap is pleased to present the opportunity to acquire the property located at 905 Anita Avenue in Antioch, Illinois, leased to ERMCO, Inc. The subject property consists of approximately 39,825 square feet of manufacturing space and is situated on 1.84 acres of land. The single-tenant asset features a clear height of 20’, two dock-high doors, three drive-in doors, and steel and masonry construction. Located near the major intersection of Illinois Route 83 (Main Street) and Illinois Route 173, the property sits about equal distance from Downtown Chicago and Downtown Milwaukee. For sale at $54.87, the property can be acquired well below replacement costs. With the current lease expiring on March 31, 2025, the property will be delivered vacant, providing an owner-user or lease-up investment opportunity.
The subject property is primely situated within the North Lake County submarket, containing 44 million square feet of industrial space. Through the first three quarters of 2024, the vacancy rate bucked the national trend, slipping to 5.5 percent. Among comparable properties up to 50,000 square feet, availability remains tight at only 2.9 percent. Despite North Lake County outperforming the national average, annual rent growth continued to decelerate to 4.2 percent, pushing average asking rents to about $9.00 per square foot in Q3. With only about 203,000 square feet under construction (representing less than 1 percent of inventory), rents and vacancies will essentially be unaffected by new supply 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).
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. © 2024 Marcus & Millichap. All rights reserved. (Activity ID: ZAF0370591)
