Marcus & Millichap is pleased to present the opportunity to acquire the property located at 9950 North Alpine Road in Machesney Park, Illinois. The subject property consists of approximately 17,961 square feet of flex space and is situated on 2.6 acres of land. The multi-tenant asset features 14,369 square feet of office space, five suites, two grade-level doors, and a clear height of 12’6’’. Tenants also benefit from a brand-new HVAC system that was replaced just over a year ago, as well as ample parking with 66 surface spaces available. The triple-net leases in place offer investors a cash-flowing investment opportunity with minimal landlord responsibilities. With direct access to Illinois Route 173, and within close proximity to Interstate 90, the subject property sits about 14 miles north of the Chicago Rockford International Airport.
The subject property is positioned within the Interstate 39/Winnebago County submarket, containing a sizeable 37.5 million square feet of industrial space. During the third quarter of 2023, the vacancy rate rose slightly to 7.1 percent. While relatively high, the vacancy rate was still down from 9.2 percent at the start of 2021. At 5.7 percent, the submarket’s annual rent growth remains robust in Q3. Although net absorption is negative in 2023, the lack of deliveries and construction starts should keep the vacancy rate in check. With only 230,000 square feet of industrial space under construction, representing less than 1.0 percent of inventory, vacancies and rent growth will 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. © 2023 Marcus & Millichap. All rights reserved. (Activity ID: ZAE0370419)
