Marcus & Millichap is pleased to present the opportunity to acquire the property located at 818 North 360 West in Valparaiso, Indiana, occupied by the current owner, Archie’s Auto Recycling. The subject property consists of approximately 66,300 square feet of warehouse space and is situated on 9.92 acres of land. The two-building asset features 12 drive-in doors, a fully fenced-in yard, rubber and metal roofing, and a clear height ranging between 10’ and 23’. Zoned I2 in the General Industrial District, the property is permitted for warehousing, light manufacturing, and a special exception use for outdoor storage. In addition to the property, owner-users have the option to acquire the business which serves as an automobile salvage yard for the Northwest Indiana community. Due to zoning restrictions, this sale offers a rare opportunity to acquire an industrial outdoor storage (IOS) property with a coverage ratio of 15.3 percent. Situated along U.S. Highway 6, the property is about five miles from the onramp to Interstate 80 via Willowcreek Road.
The subject property is located in the highly sought-after Porter County submarket. With 16.5 million square feet of industrial space, Porter Country is a mid-size submarket. In recent years, new construction has largely been nonexistent, allowing the vacancy rate to drop to just 1.4 percent during Q2 2023, which is 3.2 percentage points lower than the overall Chicago market. After experiencing negative net absorption last year for the first time since 2013, the submarket bounced back in 2023 with over 180,000 square feet taken off the market through early June. Tight vacancy has allowed Porter County to maintain strong rent growth, with the average market rate up 7.7 percent year-over-year during Q2 (CoStar). As the overall industrial market continues to slow down, Porter County could act as a safe haven.
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
Lic #: RB14034355
Josh.Caruana@MarcusMillichap.com
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: ZAE0370293)
