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Chesterton, IN

ADS Logistics Truck Terminal

Address:
116 East 1100 North, Chesterton, IN 46304
Property Type:
Single Tenant
Price:
$7,000,000
Cap Rate:
6.47% cap
NOI:
$452,999
Square Feet:
26,090 sqft
Lot Size:
8.84 acres
Price Per Square Foot:
$268.30
Year Built:
1965
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Investment Highlights

Investment Highlights

Investment Highlights

  • ADS Logistics a Subsidiary of Odyssey Logistics’ Flatbed and Warehousing Business Unit
  • Location Comprised of Two Divisions: Area Transportation and Roll & Hold Warehousing
  • Strong Ties to the Location: Occupied Since 2008, Services 205,000-Square-Foot Roll and Hold Warehouse in Port of Indiana
  • 6.5 Years Remaining on Lease with 1.5 Percent Annual Rent Escalations
  • 26,090-Square-Foot Truck Terminal Features 50 Percent Office Space, 17 Drive-In Doors, and Two Dock-High Doors
  • Recent Renovations Made in 2015 to Office Space
  • Proximate to Interstate 90 and 94

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the property located at 116 East 1100 North, in Chesterton, Indiana, leased to ADS Logistics LLC. The subject property consists of approximately 26,090 square feet of flex space and is situated on 8.84 acres of land. The asset features 17 drive-in doors and two dock-high doors. In 2015, renovations were made to the office space that makes up 50 percent of the property. With Frontage along Calumet Road, the property sits proximately between Interstates 94 and 90.

As of Q1 2022, there are 6.5 years remaining on the lease, with 1.5 percent rent escalations. In 2014, ADS Logistics was acquired by Odyssey Logistics & Technology Corporation, a top 50 logistics company in North America (Transport Topics). As a subsidiary of Odyssey, ADS Logistics was rebranded Odyssey Specialized Logistics LLC and placed within the Flatbed and Warehousing Business Unit. Odyssey Specialized Logistics is comprised of two divisions, Area Transportation and Roll & Hold Warehousing, that offer flatbed trucking and warehousing for the North American metals industry. As an occupant of the subject property since 2008, ADS Logistics has strong ties to the location, indicative of the company renewing the previous lease two years prior to expiration. Furthermore, the subject property services the 205,000-square-foot Roll & Hold warehouse situated about 10 miles away at the Port of Indiana-Burns Harbor (Odyssey).

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
JOSH CARUANA
Indiana Broker of Record
600 East 96th Street, Ste. 500
Indianapolis, IN 46240
Tel: 317.218.5300
Josh.Caruana@MarcusMillichap.com
Lic #: RB14034355
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. © 2022 Marcus & Millichap. All rights reserved. (Activity ID: ZAC0370801)